ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of
wafer processing solutions for semiconductor and advanced
wafer-level packaging applications, today reported financial
results for its fourth quarter and fiscal year ended December 31,
2023.
“2023 was another pivotal year in ACM’s mission to become a
major supplier to the global semiconductor industry,” said ACM’s
President and Chief Executive Officer, Dr. David Wang. “We grew
revenue by 43%, well above the market growth of wafer fab equipment
(WFE) spending in mainland China. We delivered improved operating
margins, and made great progress with new products, new customers
and plans to expand our global production capacity.”
Dr. Wang continued, “We believe these results underscore the
strength of ACM’s multi-product portfolio and our growing customer
base. We have captured market share, with our leading cleaning
products witnessing 48% growth. Moreover, our ECP and furnace
products grew by 33%, surpassing the $100 million revenue
milestone. Additionally, we have made notable strides in
penetrating international markets. A highlight of our fourth
quarter was receiving technical qualification for our SAPS
production tool from a leading U.S.-based semiconductor
manufacturer, which we believe may set the stage for additional
orders and further expansion in the future.”
Dr. Wang concluded, “As we look ahead to 2024, we expect another
year of growth driven by mature node investment in China, new
product cycles, development progress with multiple customers for
our Track and PECVD tools, and initial revenue contribution from
international markets in the U.S., Europe and Korea.”
|
Three Months Ended December 31, |
|
GAAP |
|
Non-GAAP(1) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(dollars in thousands, except EPS) |
Revenue |
$ |
170,321 |
|
|
$ |
108,542 |
|
|
$ |
170,321 |
|
|
$ |
108,542 |
|
Gross margin |
|
46.4% |
|
|
|
49.6% |
|
|
|
46.8% |
|
|
|
49.7% |
|
Income from operations |
$ |
23,374 |
|
|
$ |
16,670 |
|
|
$ |
36,046 |
|
|
$ |
19,164 |
|
Net income attributable to ACM Research, Inc. |
$ |
17,700 |
|
|
$ |
11,809 |
|
|
$ |
28,681 |
|
|
$ |
12,596 |
|
Basic EPS |
$ |
0.29 |
|
|
$ |
0.20 |
|
|
$ |
0.47 |
|
|
$ |
0.21 |
|
Diluted EPS |
$ |
0.26 |
|
|
$ |
0.18 |
|
|
$ |
0.43 |
|
|
$ |
0.19 |
|
|
Year Ended December 31, |
|
GAAP |
|
Non-GAAP(1) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(dollars in thousands, except EPS) |
Revenue |
$ |
557,723 |
|
|
$ |
388,832 |
|
|
$ |
557,723 |
|
|
$ |
388,832 |
|
Gross margin |
|
49.5% |
|
|
|
47.2% |
|
|
|
49.8% |
|
|
|
47.4% |
|
Income from operations |
$ |
95,839 |
|
|
$ |
59,035 |
|
|
$ |
123,177 |
|
|
$ |
66,765 |
|
Net income attributable to ACM Research, Inc. |
$ |
77,349 |
|
|
$ |
39,263 |
|
|
$ |
107,424 |
|
|
$ |
54,848 |
|
Basic EPS |
$ |
1.29 |
|
|
$ |
0.66 |
|
|
$ |
1.79 |
|
|
$ |
0.93 |
|
Diluted EPS |
$ |
1.16 |
|
|
$ |
0.59 |
|
|
$ |
1.63 |
|
|
$ |
0.83 |
|
(1) |
Reconciliations to U.S. generally accepted accounting principles
(“GAAP”) financial measures from non-GAAP financial measures are
presented below under “Reconciliation of GAAP to Non-GAAP Financial
Measures.” Non-GAAP financial measures exclude stock-based
compensation and, with respect to net income (loss) attributable to
ACM Research, Inc. and basic and diluted earnings pershare, also
exclude unrealized loss on short-term investments. |
Outlook
ACM is providing its revenue guidance range of $650 million to
$725 million for fiscal year 2024. This expectation is based on ACM
management’s current assessment of the continuing impact from
international trade policy, together with various expected spending
scenarios of key customers, supply chain constraints, and the
timing of acceptances for first tools under evaluation in the
field, among other factors.
Operating Highlights and Recent
Announcements
- Shipments. Total
shipments in 2023 were $597 million, versus $539 million in 2022.
Total shipments in the fourth quarter of 2023 were $140 million,
versus $197 million in the fourth quarter of 2022. Total shipments
include deliveries for revenue in the quarter and deliveries of
first tool systems awaiting customer acceptance for potential
revenue in future quarters.
- Received Qualification for
SAPS Tool from US Manufacturer. ACM announced that its
SAPS cleaning tool has been qualified for revenue from a large US
manufacturer in the fourth quarter of 2023. An Ultra C b backside
cleaning and bevel etch tool is expected to be delivered to this
customer in the second quarter of 2024.
- Proposed Private
Offering. ACM’s principal operating subsidiary, ACM
Research (Shanghai), Inc. (“ACM Shanghai”) (SSEC: 688082.SS),
announced that it intends to offer up to 43.6 million of its
ordinary shares, subject to market conditions, the approval of ACM
Shanghai’s shareholders, completion of the review process by the
Shanghai Stock Exchange, completion of the registration process by
the China Securities Regulatory Commission, and other factors, in a
private offering to qualified buyers, in compliance with the
requirements of the China Securities Regulatory Commission (the
“Private Offering”). The gross proceeds to ACM Shanghai of the
proposed Private Offering of up to RMB 4.5 billion ($625 million)
are intended to be used for research and development, capital
expenditures and working capital. If consummated in full, we
estimate that ACM’s equity interest in ACM Shanghai would decline
from 82.1% to approximately 74.6%.
Full Year 2023 Financial Summary
Unless otherwise noted, the following figures refer to the full
year of 2023 and comparisons are with the full year of 2022.
- Revenue was $557.7
million, up 43.4%, reflecting higher sales of single wafer
cleaning, Tahoe and semi-critical cleaning equipment,
electro-chemical plating (“ECP”) (front-end and packaging), furnace
and other technologies, and Advance packaging (excluding ECP), and
services and spares. We attribute the revenue growth to continued
investments in mature process nodes by current and new mainland
China-based customers amidst an ongoing target to achieve a greater
share of the global semiconductor market, incremental contribution
from newly introduced tools, and additional penetration of our
product portfolio across our customer base.
- Gross margin was
49.5%, up from 47.2%. Non-GAAP gross margin, which excludes
stock-based compensation, was 49.8%, up from 47.4%. Gross margin
exceeded the range of 40% to 45% reflected in ACM’s long-term
business model. The increase in gross margin was due to a favorable
product mix, improved gross margins for specific product lines, and
a favorable impact from currency fluctuations. ACM expects gross
margin to vary from period to period due to a variety of factors,
such as product mix, currency impacts and sales volume.
- Operating expenses
were $180.4 million, an increase of 44.8%. Non-GAAP operating
expenses, which exclude the effect of stock-based compensation,
were $154.4 million, up 31.6%. Operating expenses as a percent of
revenue increased to 32.3% from 32.0%. Non-GAAP operating expenses
as a percent of revenue decreased to 27.7% from 30.2%.
- Operating income
was $95.8 million, up from $59.0 million. Non-GAAP operating
income, which excludes the effect of stock-based compensation, was
$123.2 million, up from $66.8 million.
- Unrealized loss on
short-term investments was $2.7 million. The loss reflects
the change in market value of the investments by ACM Shanghai in
short-term investments. The value is marked-to-market quarterly and
is excluded in the non-GAAP financial metrics.
- Realized gain from sale of
short-term investments was $9.0 million versus $1.1
million.
- Income tax expense
was $19.4 million versus $16.8 million. As a result of a change in
Section 174 of the U.S. Internal Revenue Code of 1986, as amended,
that became effective on January 1, 2022, ACM’s effective tax rate
remains elevated, due primarily to the requirement to capitalize
and amortize previously deductible research and experimental
expenses.
- Net income attributable to
ACM Research, Inc. was $77.3 million, compared to net
income of $39.3 million. Non-GAAP net income attributable to ACM
Research, Inc., which excludes the effect of stock-based
compensation and unrealized loss on short-term investments, was
$107.4 million, compared to non-GAAP net income of $54.8
million.
- Net income per diluted share
attributable to ACM Research, Inc. was $1.16, compared to
$0.59. Non-GAAP net income per diluted share, which excludes the
effect of stock-based compensation and unrealized loss on
short-term investments, was $1.63, compared to $0.83.
- Cash and cash
equivalents were $182.1 million at December 31, 2023,
versus $207.1 million at September 30, 2023. Cash and cash
equivalents, plus restricted cash and time deposits were $304.5
million at December 31, 2023, versus $326.5 million at September
30, 2023.
Fourth Quarter 2023 Financial Summary
Unless otherwise noted, the following figures refer to the
fourth quarter of 2023 and comparisons are with the fourth quarter
of 2022.
- Revenue was $170.3
million, up 56.9%, reflecting higher sales of single wafer
cleaning, Tahoe and semi-critical cleaning equipment, ECP
(front-end and packaging), furnace and other technologies, and
Advance packaging (excluding ECP), and services and spares.
- Gross margin was
46.4% versus 49.6%. Non-GAAP gross margin, which excludes
stock-based compensation, was 46.8% versus 49.7%. Gross margin
exceeded the range of 40% to 45% reflected in the ACM’s long-term
business model. ACM expects gross margin to vary from period to
period due to a variety of factors, such as product mix, currency
impacts and sales volume.
- Operating expenses
were $55.7 million, an increase of 50.0%. Non-GAAP operating
expenses, which exclude the effect of stock-based compensation,
were $43.6 million, up 25.4%. Operating expenses as a percent of
revenue decreased to 32.7% from 34.2%. Non-GAAP operating expenses
as a percent of revenue increased to 25.6% from 32.0%.
- Operating income
was $23.4 million, up from $16.7 million. Non-GAAP operating
income, which excludes the effect of stock-based compensation, was
$36.0 million, up from $19.2 million.
- Unrealized gain on
short-term investments was $1.7 million. The gain reflects
the change in market value of the investments by ACM Shanghai in
short-term investments. The value is marked-to-market quarterly and
is excluded in the non-GAAP financial metrics.
- Income tax expense
was $8.1 million, compared to $2.7 million.
- Net income attributable to
ACM Research, Inc. was $17.7 million, compared to $11.8
million. Non-GAAP net income attributable to ACM Research, Inc.,
which excludes the effect of stock-based compensation and
unrealized gain on short-term investments, was $28.7 million, up
from $12.6 million.
- Net income per diluted share
attributable to ACM Research, Inc. was $0.26, compared to
$0.18. Non-GAAP net income per diluted share, which excludes the
effect of stock-based compensation and unrealized gain on
short-term investments, was $0.43, up from $0.19.
Conference Call Details
A conference call to discuss results will be held on Wednesday,
February 28, 2024, at 8:00 a.m. Eastern Time (9:00 p.m. China
Time). To join the conference call via telephone, participants must
use the following link to complete an online registration process.
Upon registering, each participant will receive email instructions
to access the conference call, including dial-in information and a
PIN number allowing access to the conference call. This
pre-registration process is designed by the operator to reduce
delays due to operator congestion when accessing the live call.
Online Registration:
https://register.vevent.com/register/BI01aca028c6ce4d85a8cc5164feca46aa
Participants who have not pre-registered may join the webcast by
accessing the link at ir.acmrcsh.com/events.
A live and archived webcast will be available on the Investors
section of the ACM website at www.acmrcsh.com.
Use of Non-GAAP Financial Measures
ACM presents non-GAAP gross margin, operating expenses,
operating income, net income attributable to ACM Research, Inc. and
basic and diluted earnings per share as supplemental measures to
GAAP financial measures regarding ACM’s operational performance.
These supplemental measures exclude the impact of stock-based
compensation, which ACM does not believe is indicative of its core
operating results. In addition, non-GAAP net income attributable to
ACM Research, Inc. and basic and diluted earnings per share exclude
the effect of stock-based compensation and unrealized gain or loss
on short-term investments, which ACM also believes are not
indicative of its core operating results. A reconciliation of each
non-GAAP financial measure to the most directly comparable GAAP
financial measure is provided below under “Reconciliation of GAAP
to non-GAAP Financial Measures.”
ACM believes these non-GAAP financial measures are useful to
investors in assessing its operating performance. ACM uses these
financial measures internally to evaluate its operating performance
and for planning and forecasting of future periods. Financial
analysts may focus on and publish both historical results and
future projections based on the non-GAAP financial measures. ACM
also believes it is in the best interests of investors for ACM to
provide this non-GAAP information.
While ACM believes these non-GAAP financial measures provide
useful supplemental information to investors, there are limitations
associated with the use of these non-GAAP financial measures. These
non-GAAP financial measures may not be reported by competitors, and
they may not be directly comparable to similarly titled measures of
other companies due to differences in calculation methodologies.
The non-GAAP financial measures are not an alternative to GAAP
information and are not meant to be considered in isolation or as a
substitute for comparable GAAP financial measures. They should be
used only as a supplement to GAAP information and should be
considered only in conjunction with ACM’s consolidated financial
statements prepared in accordance with GAAP.
Forward-Looking Statements
Certain statements contained in this press release are not
historical facts and may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as “plans,” “expects,” “believes,” “anticipates,”
“designed,” and similar words are intended to identify
forward-looking statements. Forward-looking statements are based on
ACM management’s current expectations and beliefs, and involve a
number of risks and uncertainties that are difficult to predict and
that could cause actual results to differ materially from those
stated or implied by the forward-looking statements. A description
of certain of these risks, uncertainties and other matters can be
found in filings ACM makes with the U.S. Securities and Exchange
Commission, all of which are available at www.sec.gov. Because
forward-looking statements involve risks and uncertainties, actual
results and events may differ materially from results and events
currently expected by ACM. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof. ACM undertakes no obligation to publicly update
these forward-looking statements to reflect events or circumstances
that occur after the date hereof or to reflect any change in its
expectations with regard to these forward-looking statements or the
occurrence of unanticipated events.
About ACM Research, Inc.
ACM develops, manufactures and sells semiconductor process
equipment for single-wafer or batch wet cleaning, electroplating,
stress-free polishing and thermal processes that are critical to
advanced semiconductor device manufacturing, as well as wafer-level
packaging. ACM is committed to delivering customized, high
performance, cost-effective process solutions that semiconductor
manufacturers can use in numerous manufacturing steps to improve
productivity and product yield.
© ACM Research, Inc. The ACM Research logo is a trademark of ACM
Research, Inc. For convenience, this trademark appears in this
press release without a ™ symbol, but that practice does not mean
that ACM will not assert, to the fullest extent under applicable
law, its rights to the trademarks.
For investor and media inquiries, please
contact:
In the United
States: |
|
The Blueshirt
Group |
|
|
Steven Pelayo |
|
|
+1 (360) 808-5154 |
|
|
steven@blueshirtgroup.co |
|
|
|
In China: |
|
The Blueshirt Group Asia |
|
|
Gary Dvorchak, CFA |
|
|
+86 (138) 1079-1480 |
|
|
gary@blueshirtgroup.co |
ACM
RESEARCH, INC. |
Condensed
Consolidated Balance Sheets |
|
|
|
|
December 31,
2023 |
|
December 31,
2022 |
|
(Unaudited) |
|
|
|
(In thousands) |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
182,090 |
|
|
$ |
247,951 |
|
Restricted
cash |
|
1,083 |
|
|
|
500 |
|
Short-term
time deposits |
|
80,524 |
|
|
|
70,492 |
|
Short-term
investment |
|
21,312 |
|
|
|
20,209 |
|
Accounts
receivable, net |
|
283,186 |
|
|
|
182,936 |
|
Other
receivables |
|
40,065 |
|
|
|
29,617 |
|
Inventories,
net |
|
545,395 |
|
|
|
393,172 |
|
Advances to
related party |
|
2,432 |
|
|
|
3,322 |
|
Prepaid
expenses |
|
20,023 |
|
|
|
15,607 |
|
Total current assets |
|
1,176,110 |
|
|
|
963,806 |
|
Property,
plant and equipment, net |
|
201,848 |
|
|
|
82,875 |
|
Land use
right, net |
|
8,367 |
|
|
|
8,692 |
|
Operating
lease right-of-use assets, net |
|
7,026 |
|
|
|
2,489 |
|
Intangible
assets, net |
|
2,538 |
|
|
|
1,255 |
|
Long-term
time deposits |
|
40,818 |
|
|
|
101,956 |
|
Deferred tax
assets |
|
20,271 |
|
|
|
6,703 |
|
Long-term
investments |
|
27,880 |
|
|
|
17,459 |
|
Other
long-term assets |
|
6,050 |
|
|
|
50,265 |
|
Total assets |
$ |
1,490,908 |
|
|
$ |
1,235,500 |
|
Liabilities and Equity |
|
|
|
Current
liabilities: |
|
|
|
Short-term borrowings |
$ |
31,335 |
|
|
$ |
56,004 |
|
Current portion of long-term borrowings |
|
6,783 |
|
|
|
2,322 |
|
Related party accounts payable |
|
11,407 |
|
|
|
14,468 |
|
Accounts payable |
|
141,814 |
|
|
|
101,735 |
|
Advances from customers |
|
181,368 |
|
|
|
153,773 |
|
Deferred revenue |
|
3,687 |
|
|
|
4,174 |
|
Income taxes payable |
|
6,401 |
|
|
|
3,469 |
|
FIN-48 payable |
|
12,149 |
|
|
|
6,686 |
|
Other payables and accrued expenses |
|
102,951 |
|
|
|
52,201 |
|
Current portion of operating lease liability |
|
2,764 |
|
|
|
1,382 |
|
Total current liabilities |
|
500,659 |
|
|
|
396,214 |
|
Long-term borrowings |
|
53,952 |
|
|
|
18,687 |
|
Long-term operating lease liability |
|
4,262 |
|
|
|
1,107 |
|
Other long-term liabilities |
|
5,873 |
|
|
|
7,321 |
|
Total liabilities |
|
564,746 |
|
|
|
423,329 |
|
Commitments and contingencies |
|
|
|
Equity: |
|
|
|
Stockholders’ equity: |
|
|
|
Class A
Common stock |
|
6 |
|
|
|
5 |
|
Class B
Common stock |
|
1 |
|
|
|
1 |
|
Additional
paid-in capital |
|
629,845 |
|
|
|
604,089 |
|
Retained
earnings |
|
156,827 |
|
|
|
94,426 |
|
Statutory
surplus reserve |
|
30,060 |
|
|
|
16,881 |
|
Accumulated other comprehensive loss |
|
(49,349 |
) |
|
|
(40,546 |
) |
Total ACM
Research, Inc. stockholders’ equity |
|
767,390 |
|
|
|
674,856 |
|
Non-controlling interests |
|
158,772 |
|
|
|
137,315 |
|
Total equity |
|
926,162 |
|
|
|
812,171 |
|
Total liabilities and equity |
$ |
1,490,908 |
|
|
$ |
1,235,500 |
|
|
|
|
|
ACM
RESEARCH, INC. |
Condensed
Consolidated Statements of Operations and Comprehensive Income
(Loss) |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
( In thousands,
except share and per share data) |
|
( In thousands,
except share and per share data) |
Revenue |
$ |
170,321 |
|
|
$ |
108,542 |
|
|
$ |
557,723 |
|
|
$ |
388,832 |
|
Cost of revenue |
|
91,245 |
|
|
|
54,737 |
|
|
|
281,508 |
|
|
|
205,217 |
|
Gross profit |
|
79,076 |
|
|
|
53,805 |
|
|
|
276,215 |
|
|
|
183,615 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing |
|
9,440 |
|
|
|
12,395 |
|
|
|
47,019 |
|
|
|
39,889 |
|
Research and development |
|
32,465 |
|
|
|
17,835 |
|
|
|
92,709 |
|
|
|
62,226 |
|
General and administrative |
|
13,797 |
|
|
|
6,905 |
|
|
|
40,648 |
|
|
|
22,465 |
|
Total operating expenses |
|
55,702 |
|
|
|
37,135 |
|
|
|
180,376 |
|
|
|
124,580 |
|
Income from operations |
|
23,374 |
|
|
|
16,670 |
|
|
|
95,839 |
|
|
|
59,035 |
|
Interest income |
|
2,071 |
|
|
|
2,775 |
|
|
|
8,354 |
|
|
|
8,740 |
|
Interest expense |
|
(697 |
) |
|
|
(669 |
) |
|
|
(2,681 |
) |
|
|
(1,655 |
) |
Realized
gain (loss) from sale of short-term investments |
|
478 |
|
|
|
(20 |
) |
|
|
9,047 |
|
|
|
1,116 |
|
Unrealized
gain (loss) on short-term investments |
|
1,691 |
|
|
|
1,707 |
|
|
|
(2,737 |
) |
|
|
(7,855 |
) |
Other income
(expense), net |
|
(1,714 |
) |
|
|
(6,634 |
) |
|
|
(1,558 |
) |
|
|
3,315 |
|
Income from
equity method investments |
|
6,224 |
|
|
|
3,014 |
|
|
|
9,952 |
|
|
|
4,666 |
|
Income before income taxes |
|
31,427 |
|
|
|
16,843 |
|
|
|
116,216 |
|
|
|
67,362 |
|
Income tax expense |
|
(8,129 |
) |
|
|
(2,660 |
) |
|
|
(19,364 |
) |
|
|
(16,798 |
) |
Net income |
|
23,298 |
|
|
|
14,183 |
|
|
|
96,852 |
|
|
|
50,564 |
|
Less: Net
income attributable to non-controlling interests |
|
5,598 |
|
|
|
2,374 |
|
|
|
19,503 |
|
|
|
11,301 |
|
Net income attributable to ACM Research, Inc. |
$ |
17,700 |
|
|
$ |
11,809 |
|
|
$ |
77,349 |
|
|
$ |
39,263 |
|
Comprehensive income (loss): |
|
|
|
|
|
|
|
Net income |
|
23,298 |
|
|
|
14,183 |
|
|
|
96,852 |
|
|
|
50,564 |
|
Foreign currency translation adjustment, net of
tax |
|
11,214 |
|
|
|
21,232 |
|
|
|
(10,617 |
) |
|
|
(59,102 |
) |
Comprehensive Income (loss) |
|
34,512 |
|
|
|
35,415 |
|
|
|
86,235 |
|
|
|
(8,538 |
) |
Less:
Comprehensive income attributable to non-controlling interests |
|
5,807 |
|
|
|
6,232 |
|
|
|
17,689 |
|
|
|
1,854 |
|
Comprehensive income (loss) attributable to ACM Research,
Inc. |
$ |
28,705 |
|
|
$ |
29,183 |
|
|
$ |
68,546 |
|
|
$ |
(10,392 |
) |
|
|
|
|
|
|
|
|
Net income
attributable to ACM Research, Inc. per common share: |
|
|
|
|
|
|
|
Basic |
$ |
0.29 |
|
|
$ |
0.20 |
|
|
$ |
1.29 |
|
|
$ |
0.66 |
|
Diluted |
$ |
0.26 |
|
|
$ |
0.18 |
|
|
$ |
1.16 |
|
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding used in computing per share amounts: |
|
|
|
|
|
|
Basic |
|
60,792,349 |
|
|
|
59,568,562 |
|
|
|
60,164,670 |
|
|
|
59,235,975 |
|
Diluted |
|
65,911,901 |
|
|
|
64,198,325 |
|
|
|
64,870,543 |
|
|
|
65,341,771 |
|
|
|
|
|
|
|
|
|
ACM
RESEARCH, INC. |
Total
Revenue by Product Category, by Equipment Type and by
Region |
|
|
|
|
|
|
|
` |
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2023 |
2022 |
|
2023 |
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
($ in
thousands) |
|
|
|
|
Single wafer cleaning, Tahoe and semi-critical cleaning
equipment |
$ |
122,292 |
$ |
74,603 |
|
$ |
403,851 |
$ |
272,939 |
|
ECP
(front-end and packaging), furnace and other technologies |
|
32,133 |
|
20,213 |
|
|
103,356 |
|
77,482 |
|
Advanced
packaging (excluding ECP), services & spares |
|
15,896 |
|
13,726 |
|
|
50,516 |
|
38,411 |
|
Total Revenue By Product Category |
$ |
170,321 |
$ |
108,542 |
|
$ |
557,723 |
$ |
388,832 |
|
|
|
|
|
|
|
|
|
2023 |
2022 |
|
2023 |
2022 |
|
Mainland
China |
$ |
165,441 |
$ |
104,167 |
|
$ |
540,969 |
$ |
377,752 |
|
Other
Regions |
|
4,880 |
|
4,375 |
|
|
16,754 |
|
11,080 |
|
Total Revenue By Region |
$ |
170,321 |
$ |
108,542 |
|
$ |
557,723 |
$ |
388,832 |
|
|
|
|
|
|
|
|
ACM RESEARCH,
INC.Reconciliation of GAAP to Non-GAAP Financial
Measures
As described under “Use of Non-GAAP Financial Measures” above,
ACM presents non-GAAP gross margin, operating expenses, operating
income, net income attributable to ACM Research, Inc., and basic
and diluted earnings per share as supplemental measures to GAAP
financial measures, each of which excludes stock-based compensation
(SBC) from the equivalent GAAP financial line items. In addition,
non-GAAP net income attributable to ACM Research, Inc., and basic
and diluted earnings per share exclude unrealized gain or loss on
short-term investments. The following tables reconcile gross
margin, operating expenses, operating income, net income
attributable to ACM Research, Inc., and basic and diluted earnings
per share to the related non-GAAP financial measures:
|
Three Months Ended December 31, |
|
2023 |
2022 |
|
Actual |
SBC |
Other non-operating adjustments |
Adjusted |
Actual |
SBC |
Other non-operating adjustments |
Adjusted |
(GAAP) |
(Non-GAAP) |
(GAAP) |
(Non-GAAP) |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
170,321 |
|
$ |
- |
|
$ |
- |
|
$ |
170,321 |
|
$ |
108,542 |
|
$ |
- |
|
$ |
- |
|
$ |
108,542 |
|
Cost of revenue |
|
(91,245 |
) |
|
(568 |
) |
|
- |
|
|
(90,677 |
) |
|
(54,737 |
) |
|
(137 |
) |
|
- |
|
|
(54,600 |
) |
Gross profit |
|
79,076 |
|
|
(568 |
) |
|
- |
|
|
79,644 |
|
|
53,805 |
|
|
(137 |
) |
|
- |
|
|
53,942 |
|
Gross margin |
|
46.4% |
|
|
0.3% |
|
|
- |
|
|
46.8% |
|
|
49.6% |
|
|
0.1% |
|
|
- |
|
|
49.7% |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
(9,440 |
) |
|
(2,279 |
) |
|
- |
|
|
(7,161 |
) |
|
(12,395 |
) |
|
(600 |
) |
|
- |
|
|
(11,795 |
) |
Research and development |
|
(32,465 |
) |
|
(3,628 |
) |
|
- |
|
|
(28,837 |
) |
|
(17,835 |
) |
|
(832 |
) |
|
- |
|
|
(17,003 |
) |
General and administrative |
|
(13,797 |
) |
|
(6,197 |
) |
|
- |
|
|
(7,600 |
) |
|
(6,905 |
) |
|
(925 |
) |
|
- |
|
|
(5,980 |
) |
Total operating expenses |
|
(55,702 |
) |
|
(12,104 |
) |
|
- |
|
|
(43,598 |
) |
|
(37,135 |
) |
|
(2,357 |
) |
|
- |
|
|
(34,778 |
) |
Income (loss) from operations |
$ |
23,374 |
|
$ |
(12,672 |
) |
$ |
- |
|
$ |
36,046 |
|
$ |
16,670 |
|
$ |
(2,494 |
) |
$ |
- |
|
$ |
19,164 |
|
Unrealized gain on short-term investments |
|
1,691 |
|
|
- |
|
|
1,691 |
|
|
- |
|
|
1,707 |
|
|
- |
|
|
1,707 |
|
|
- |
|
Net income (loss)
attributable to ACM Research, Inc. |
$ |
17,700 |
|
$ |
(12,672 |
) |
$ |
1,691 |
|
$ |
28,681 |
|
$ |
11,809 |
|
$ |
(2,494 |
) |
$ |
1,707 |
|
$ |
12,596 |
|
Basic EPS |
$ |
0.29 |
|
|
|
$ |
0.47 |
|
$ |
0.20 |
|
|
|
$ |
0.21 |
|
Diluted EPS |
$ |
0.26 |
|
|
|
$ |
0.43 |
|
$ |
0.18 |
|
|
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2023 |
2022 |
|
Actual |
SBC |
Other non-operating adjustments |
Adjusted |
Actual |
SBC |
Other non-operating adjustments |
Adjusted |
(GAAP) |
(Non-GAAP) |
(GAAP) |
(Non-GAAP) |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
557,723 |
|
$ |
- |
|
$ |
- |
|
$ |
557,723 |
|
$ |
388,832 |
|
$ |
- |
|
$ |
- |
|
$ |
388,832 |
|
Cost of revenue |
|
(281,508 |
) |
|
(1,406 |
) |
|
- |
|
|
(280,102 |
) |
|
(205,217 |
) |
|
(520 |
) |
|
- |
|
|
(204,697 |
) |
Gross profit |
|
276,215 |
|
|
(1,406 |
) |
|
- |
|
|
277,621 |
|
|
183,615 |
|
|
(520 |
) |
|
- |
|
|
184,135 |
|
Gross margin |
|
49.5% |
|
|
0.3% |
|
|
- |
|
|
49.8% |
|
|
47.2% |
|
|
0.1% |
|
|
- |
|
|
47.4% |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
(47,019 |
) |
|
(5,684 |
) |
|
- |
|
|
(41,335 |
) |
|
(39,889 |
) |
|
(1,877 |
) |
|
- |
|
|
(38,012 |
) |
Research and development |
|
(92,709 |
) |
|
(8,459 |
) |
|
- |
|
|
(84,250 |
) |
|
(62,226 |
) |
|
(2,565 |
) |
|
- |
|
|
(59,661 |
) |
General and administrative |
|
(40,648 |
) |
|
(11,789 |
) |
|
- |
|
|
(28,859 |
) |
|
(22,465 |
) |
|
(2,768 |
) |
|
- |
|
|
(19,697 |
) |
Total operating expenses |
|
(180,376 |
) |
|
(25,932 |
) |
|
- |
|
|
(154,444 |
) |
|
(124,580 |
) |
|
(7,210 |
) |
|
- |
|
|
(117,370 |
) |
Income (loss) from operations |
$ |
95,839 |
|
$ |
(27,338 |
) |
$ |
- |
|
$ |
123,177 |
|
$ |
59,035 |
|
$ |
(7,730 |
) |
$ |
- |
|
$ |
66,765 |
|
Unrealized loss on short-term investments |
|
(2,737 |
) |
|
- |
|
|
(2,737 |
) |
|
- |
|
|
(7,855 |
) |
|
- |
|
|
(7,855 |
) |
|
- |
|
Net income (loss)
attributable to ACM Research, Inc. |
$ |
77,349 |
|
$ |
(27,338 |
) |
$ |
(2,737 |
) |
$ |
107,424 |
|
$ |
39,263 |
|
$ |
(7,730 |
) |
$ |
(7,855 |
) |
$ |
54,848 |
|
Basic EPS |
$ |
1.29 |
|
|
|
$ |
1.79 |
|
$ |
0.66 |
|
|
|
$ |
0.93 |
|
Diluted EPS |
$ |
1.16 |
|
|
|
$ |
1.63 |
|
$ |
0.59 |
|
|
|
$ |
0.83 |
|
|
|
|
|
|
|
|
|
|
ACM Research (NASDAQ:ACMR)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
ACM Research (NASDAQ:ACMR)
Gráfica de Acción Histórica
De May 2023 a May 2024