ACM Research, Inc. (“ACM” or the “Company”) (NASDAQ: ACMR), a
leading supplier of wafer processing solutions for semiconductor
and advanced wafer-level packaging applications, today reported
financial results for its second quarter ended June 30, 2023.
“I am pleased with our second quarter results, with strong
revenue growth and good profitability, as our operations have
largely returned to a “new-normal” following several years of
COVID-related disruptions,” said ACM’s President and Chief
Executive Officer, Dr. David Wang. “Our results demonstrate good
spending on mature nodes and market share gains at our customer
base, together with penetration from new products and new
customers.”
Dr. Wang continued, “We continue to expect growth in 2023,
driven by continued investments in mature node capacity by our
China-based customers, and growing traction for our multi-product
portfolio. We are moving forward with longer-term growth
initiatives, with technical progress for our Track and PECVD
platforms, continued evaluation of two cleaning tools at the U.S.
facility of a major U.S.-based semiconductor manufacturer, and we
plan to deliver our first evaluation tool to a major European
semiconductor manufacturer during the fourth quarter of 2023. We
are excited to begin initial production at our facility in Lingang,
Shanghai later this year, and we continue to expand our operations
in Korea to support the global market opportunity.”
|
Three Months Ended June 30, |
|
GAAP |
|
Non-GAAP(1) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(dollars in thousands, except EPS) |
Revenue |
$ |
144,577 |
|
|
$ |
104,395 |
|
|
$ |
144,577 |
|
|
$ |
104,395 |
|
Gross margin |
|
47.5 |
% |
|
|
42.3 |
% |
|
|
47.6 |
% |
|
|
42.4 |
% |
Income from operations |
$ |
30,430 |
|
|
$ |
20,035 |
|
|
$ |
32,447 |
|
|
$ |
22,004 |
|
Net income attributable to ACM Research, Inc. |
$ |
26,825 |
|
|
$ |
12,236 |
|
|
$ |
31,297 |
|
|
$ |
14,628 |
|
Basic EPS |
$ |
0.45 |
|
|
$ |
0.21 |
|
|
$ |
0.52 |
|
|
$ |
0.25 |
|
Diluted EPS |
$ |
0.41 |
|
|
$ |
0.18 |
|
|
$ |
0.48 |
|
|
$ |
0.22 |
|
|
Six Months Ended June 30, |
|
GAAP |
|
Non-GAAP(1) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(dollars in thousands, except EPS) |
Revenue |
$ |
218,833 |
|
|
$ |
146,581 |
|
|
$ |
218,833 |
|
|
$ |
146,581 |
|
Gross margin |
|
49.6 |
% |
|
|
43.6 |
% |
|
|
49.8 |
% |
|
|
43.7 |
% |
Income from operations |
$ |
39,292 |
|
|
$ |
10,729 |
|
|
$ |
43,377 |
|
|
$ |
14,072 |
|
Net income attributable to ACM Research, Inc. |
$ |
33,970 |
|
|
$ |
6,450 |
|
|
$ |
41,164 |
|
|
$ |
14,074 |
|
Basic EPS |
$ |
0.57 |
|
|
$ |
0.11 |
|
|
$ |
0.69 |
|
|
$ |
0.24 |
|
Diluted EPS |
$ |
0.52 |
|
|
$ |
0.10 |
|
|
$ |
0.63 |
|
|
$ |
0.21 |
|
(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 per share, also exclude unrealized loss on trading
securities.
Outlook
The Company is maintaining its revenue guidance range for fiscal
year 2023 of $515 million to $585 million. 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 the second quarter of 2023 were $153 million, up 37%
from the second 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.
- Dividend. During
its June 27, 2023 annual stockholder meeting, the stockholders of
ACM Research (Shanghai), Inc. (“ACM Shanghai”), approved, amongst
other items, a dividend to be paid to its stockholders. The amount
of the approved dividend is RMB 0.372 per share for an aggregate
total of approximately RMB 161.3 million (approximately $22.2
million).
- Auditor
Resignation. On July 21, 2023, the Company was informed by
Armanino LLP (“Armanino”), the Company’s current independent
auditor, that Armanino will resign as the Company’s independent
registered public accounting firm effective as of the earlier of
(a) the date the Company engages a new independent registered
public accounting firm or (b) the filing of the Company’s Quarterly
Report on Form 10-Q for the fiscal quarter ended September 30,
2023. Armanino advised the Company that its decision to resign was
due to Armanino’s decision to exit from the practice of providing
financial statement audit services to all public companies. In
light of Armanino’s determination, the Audit Committee of the
Company’s Board of Directors has initiated a process to select and
appoint a new public accounting firm to serve as the Company’s
independent registered public accountant commencing with the audit
of the Company’s financial statements for the fiscal year ending
December 31, 2023.
Financial Summary
Unless otherwise noted, the following figures refer to the
second quarter of 2023 and comparisons are with the second quarter
of 2022.
- Revenue was $144.6
million, up 38.5%, reflecting higher sales of single wafer
cleaning, Tahoe and semi-critical cleaning equipment, and higher
sales of Advance packaging (excluding ECP), services and
spares.
- Gross margin was
47.5%, up from 42.3%. Non-GAAP gross margin, which excludes
stock-based compensation, was 47.6%, up from 42.4%. Gross margin
exceeded the range of 40% to 45% reflected in the Company’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 fluctuations in the RMB to U.S.
dollar exchange rate. The Company 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 $38.2 million, an increase of 58.4%. Non-GAAP operating
expenses, which exclude the effect of stock-based compensation,
were $36.3 million, up 62.9%. Operating expenses as a percent of
revenue increased to 26.4% from 23.1%. Non-GAAP operating expenses
as a percent of revenue increased to 25.1% from 21.4%.
- Operating income
was $30.4 million, up from $20.0 million. Non-GAAP operating
income, which excludes the effect of stock-based compensation, was
$32.4 million, up from $22.0 million.
- Unrealized loss on trading
securities was $2.5 million. The loss reflects the change
in market value of the investments by ACM Shanghai in trading
securities. The value is marked-to-market quarterly and is excluded
in the non-GAAP financial metrics.
- Realized gain from sale of
trading securities was $3.9 million, which generated net
proceeds of $6.6 million.
- Income tax expense
was $7.6 million, compared to $7.7 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, the Company’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 $26.8 million, up from $12.2
million. Non-GAAP net income attributable to ACM Research, Inc.,
which excludes the effect of stock-based compensation and
unrealized loss on trading securities, was $31.3 million, up from
$14.6 million.
- Net income per diluted share
attributable to ACM Research, Inc. was $0.41, up from
$0.18. Non-GAAP net income per diluted share, which excludes the
effect of stock-based compensation and unrealized loss on trading
securities, was $0.48, up from $0.22.
- Cash and cash
equivalents were $257.4 million at June 30, 2023, versus
$260.4 million at March 31, 2023. Cash and cash equivalents, plus
restricted cash and time deposits, were $376.1 million at June 30,
2023, versus $381.7 million at March 31, 2023.
Conference Call Details
A conference call to discuss results will be held on Friday,
August 4, 2023, at 8:00 a.m. Eastern Time (8:00 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/BI9f104c7f57ab43bea588812dcca24b97
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
non-cash change in fair value of financial assets and liabilities
and unrealized gain on trading securities, 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.
The Company 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. The Company 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 ™ symbols, 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 GroupYujia Zhai+1 (860)
214-0809yujia@blueshirtgroup.com |
|
|
In China: |
The Blueshirt Group AsiaGary Dvorchak, CFA+86 (138)
1079-1480gary@blueshirtgroup.com |
ACM RESEARCH, INC. |
Condensed Consolidated Balance Sheets |
|
|
|
June 30, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
|
|
|
|
(In thousands) |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
257,420 |
|
|
$ |
247,951 |
|
Restricted cash |
|
582 |
|
|
|
500 |
|
Short-term time deposits |
|
6,000 |
|
|
|
70,492 |
|
Trading securities |
|
6,375 |
|
|
|
20,209 |
|
Accounts receivable |
|
200,745 |
|
|
|
182,936 |
|
Other receivables |
|
34,491 |
|
|
|
29,617 |
|
Inventories |
|
471,094 |
|
|
|
393,172 |
|
Advances to related party |
|
1,155 |
|
|
|
3,322 |
|
Prepaid expenses |
|
18,970 |
|
|
|
15,607 |
|
Total current assets |
|
996,832 |
|
|
|
963,806 |
|
Property, plant and equipment, net |
|
159,013 |
|
|
|
82,875 |
|
Land use right, net |
|
8,290 |
|
|
|
8,692 |
|
Operating lease right-of-use assets, net |
|
7,809 |
|
|
|
2,489 |
|
Intangible assets, net |
|
2,107 |
|
|
|
1,255 |
|
Long-term time deposits |
|
112,104 |
|
|
|
101,956 |
|
Deferred tax assets |
|
11,249 |
|
|
|
6,703 |
|
Long-term investments |
|
16,122 |
|
|
|
17,459 |
|
Other long-term assets |
|
3,388 |
|
|
|
50,265 |
|
Total assets |
$ |
1,316,914 |
|
|
$ |
1,235,500 |
|
Liabilities and Equity |
|
|
|
Current liabilities: |
|
|
|
Short-term borrowings |
$ |
53,976 |
|
|
$ |
56,004 |
|
Current portion of long-term borrowings |
|
3,239 |
|
|
|
2,322 |
|
Related party accounts payable |
|
11,879 |
|
|
|
14,468 |
|
Accounts payable |
|
106,861 |
|
|
|
101,735 |
|
Advances from customers |
|
195,485 |
|
|
|
153,773 |
|
Deferred revenue |
|
5,050 |
|
|
|
4,174 |
|
Income taxes payable |
|
10,324 |
|
|
|
3,469 |
|
FIN-48 payable |
|
6,446 |
|
|
|
6,686 |
|
Other payables and accrued expenses |
|
59,997 |
|
|
|
52,201 |
|
Current portion of operating lease liability |
|
3,042 |
|
|
|
1,382 |
|
Total current liabilities |
|
456,299 |
|
|
|
396,214 |
|
Long-term borrowings |
|
15,899 |
|
|
|
18,687 |
|
Long-term operating lease liability |
|
4,767 |
|
|
|
1,107 |
|
Other long-term liabilities |
|
6,566 |
|
|
|
7,321 |
|
Total liabilities |
|
483,531 |
|
|
|
423,329 |
|
Commitments and contingencies |
|
|
|
Equity: |
|
|
|
Stockholders’ equity: |
|
|
|
Class A Common stock |
|
5 |
|
|
|
5 |
|
Class B Common stock |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
612,699 |
|
|
|
604,089 |
|
Retained earnings |
|
124,284 |
|
|
|
94,426 |
|
Statutory surplus reserve |
|
16,881 |
|
|
|
16,881 |
|
Accumulated other comprehensive loss |
|
(61,916 |
) |
|
|
(40,546 |
) |
Total ACM Research, Inc. stockholders’ equity |
|
691,954 |
|
|
|
674,856 |
|
Non-controlling interests |
|
141,429 |
|
|
|
137,315 |
|
Total equity |
|
833,383 |
|
|
|
812,171 |
|
Total liabilities and equity |
$ |
1,316,914 |
|
|
$ |
1,235,500 |
|
|
|
|
|
ACM RESEARCH, INC. |
Condensed Consolidated Statements of Operations and
Comprehensive Income (Loss) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
( In thousands, except share and per share data) |
|
( In thousands, except share and per share data) |
Revenue |
$ |
144,577 |
|
|
$ |
104,395 |
|
|
$ |
218,833 |
|
|
$ |
146,581 |
|
Cost of revenue |
|
75,938 |
|
|
|
60,238 |
|
|
|
110,208 |
|
|
|
82,738 |
|
Gross profit |
|
68,639 |
|
|
|
44,157 |
|
|
|
108,625 |
|
|
|
63,843 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing |
|
11,439 |
|
|
|
7,664 |
|
|
|
20,776 |
|
|
|
14,361 |
|
Research and development |
|
20,064 |
|
|
|
11,367 |
|
|
|
34,093 |
|
|
|
28,713 |
|
General and administrative |
|
6,706 |
|
|
|
5,091 |
|
|
|
14,464 |
|
|
|
10,040 |
|
Total operating expenses |
|
38,209 |
|
|
|
24,122 |
|
|
|
69,333 |
|
|
|
53,114 |
|
Income from operations |
|
30,430 |
|
|
|
20,035 |
|
|
|
39,292 |
|
|
|
10,729 |
|
Interest income |
|
2,346 |
|
|
|
2,144 |
|
|
|
4,131 |
|
|
|
3,949 |
|
Interest expense |
|
(649 |
) |
|
|
(306 |
) |
|
|
(1,344 |
) |
|
|
(567 |
) |
Realized gain from sale of trading securities |
|
3,919 |
|
|
|
- |
|
|
|
7,913 |
|
|
|
- |
|
Unrealized loss on trading securities |
|
(2,455 |
) |
|
|
(423 |
) |
|
|
(3,109 |
) |
|
|
(4,281 |
) |
Other income, net |
|
3,724 |
|
|
|
2,505 |
|
|
|
2,306 |
|
|
|
2,742 |
|
Equity income in net income of affiliates |
|
3,920 |
|
|
|
472 |
|
|
|
3,888 |
|
|
|
401 |
|
Income before income taxes |
|
41,235 |
|
|
|
24,427 |
|
|
|
53,077 |
|
|
|
12,973 |
|
Income tax expense |
|
(7,638 |
) |
|
|
(7,679 |
) |
|
|
(10,517 |
) |
|
|
(3,668 |
) |
Net income |
|
33,597 |
|
|
|
16,748 |
|
|
|
42,560 |
|
|
|
9,305 |
|
Less: Net income attributable to non-controlling interests |
|
6,772 |
|
|
|
4,512 |
|
|
|
8,590 |
|
|
|
2,855 |
|
Net income attributable to ACM Research, Inc. |
$ |
26,825 |
|
|
$ |
12,236 |
|
|
$ |
33,970 |
|
|
$ |
6,450 |
|
Comprehensive income (loss): |
|
|
|
|
|
|
|
Net income |
|
33,597 |
|
|
|
16,748 |
|
|
|
42,560 |
|
|
|
9,305 |
|
Foreign currency translation adjustment |
|
(35,269 |
) |
|
|
(40,372 |
) |
|
|
(25,846 |
) |
|
|
(37,918 |
) |
Comprehensive Income (loss) |
|
(1,672 |
) |
|
|
(23,624 |
) |
|
|
16,714 |
|
|
|
(28,613 |
) |
Less: Comprehensive income (loss) attributable to non-controlling
interests and redeemable non-controlling interests |
|
652 |
|
|
|
(2,248 |
) |
|
|
4,114 |
|
|
|
(3,321 |
) |
Comprehensive income (loss) attributable to ACM Research,
Inc. |
$ |
(2,324 |
) |
|
$ |
(21,376 |
) |
|
$ |
12,600 |
|
|
$ |
(25,292 |
) |
|
|
|
|
|
|
|
|
Net income attributable to ACM Research, Inc. per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.45 |
|
|
$ |
0.21 |
|
|
$ |
0.57 |
|
|
$ |
0.11 |
|
Diluted |
$ |
0.41 |
|
|
$ |
0.18 |
|
|
$ |
0.52 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding used in computing per
share amounts: |
|
|
|
|
|
|
|
Basic |
|
59,898,149 |
|
|
|
59,177,643 |
|
|
|
59,817,903 |
|
|
|
59,003,484 |
|
Diluted |
|
64,929,638 |
|
|
|
65,478,677 |
|
|
|
64,968,900 |
|
|
|
65,772,973 |
|
|
|
|
|
|
|
|
|
ACM RESEARCH, INC. |
Total Revenue by Product Category, by Equipment Type and by
Region |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
($ in thousands) |
Single wafer cleaning, Tahoe and semi-critical cleaning
equipment |
$ |
112,528 |
|
|
$ |
72,583 |
|
|
$ |
149,142 |
|
|
$ |
98,616 |
|
ECP (front-end and packaging),
furnace and other technologies |
|
19,117 |
|
|
|
20,500 |
|
|
|
45,715 |
|
|
|
32,748 |
|
Advanced packaging (excluding
ECP), services & spares |
|
12,932 |
|
|
|
11,312 |
|
|
|
23,976 |
|
|
|
15,217 |
|
Total Revenue By
Product Category |
$ |
144,577 |
|
|
$ |
104,395 |
|
|
$ |
218,833 |
|
|
$ |
146,581 |
|
|
|
|
|
|
|
Wet-cleaning and other
front-end processing tools |
$ |
122,415 |
|
|
$ |
79,553 |
|
|
$ |
178,797 |
|
|
$ |
111,254 |
|
Advanced packaging, other
processing tools, services and spares |
|
22,162 |
|
|
|
24,842 |
|
|
|
40,036 |
|
|
|
35,327 |
|
Total Revenue
Front-end and Back-End |
$ |
144,577 |
|
|
$ |
104,395 |
|
|
$ |
218,833 |
|
|
$ |
146,581 |
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Mainland China |
$ |
134,767 |
|
|
$ |
100,275 |
|
|
$ |
207,226 |
|
|
$ |
142,405 |
|
Other Regions |
|
9,810 |
|
|
|
4,120 |
|
|
|
11,607 |
|
|
|
4,176 |
|
Total Revenue By
Region |
$ |
144,577 |
|
|
$ |
104,395 |
|
|
$ |
218,833 |
|
|
$ |
146,581 |
|
|
|
|
|
|
|
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 on trading
securities. The following table reconciles 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 June 30, |
|
2023 |
2022 |
|
Actual(GAAP) |
SBC |
Other non-operating adjustments |
Adjusted(Non-GAAP) |
Actual(GAAP) |
SBC |
Other non-operating adjustments |
Adjusted(Non-GAAP) |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
144,577 |
|
$ |
- |
|
$ |
- |
|
$ |
144,577 |
|
$ |
104,395 |
|
$ |
- |
|
$ |
- |
|
$ |
104,395 |
|
Cost of revenue |
|
(75,938 |
) |
|
(125 |
) |
|
- |
|
|
(75,813 |
) |
|
(60,238 |
) |
|
(140 |
) |
|
- |
|
|
(60,098 |
) |
Gross profit |
|
68,639 |
|
|
(125 |
) |
|
- |
|
|
68,764 |
|
|
44,157 |
|
|
(140 |
) |
|
- |
|
|
44,297 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
(11,439 |
) |
|
(431 |
) |
|
- |
|
|
(11,008 |
) |
|
(7,664 |
) |
|
(574 |
) |
|
- |
|
|
(7,090 |
) |
Research and development |
|
(20,064 |
) |
|
(709 |
) |
|
- |
|
|
(19,355 |
) |
|
(11,367 |
) |
|
(656 |
) |
|
- |
|
|
(10,711 |
) |
General and administrative |
|
(6,706 |
) |
|
(752 |
) |
|
- |
|
|
(5,954 |
) |
|
(5,091 |
) |
|
(599 |
) |
|
- |
|
|
(4,492 |
) |
Total operating expenses |
|
(38,209 |
) |
|
(1,892 |
) |
|
- |
|
|
(36,317 |
) |
|
(24,122 |
) |
|
(1,829 |
) |
|
- |
|
|
(22,293 |
) |
Income (loss) from operations |
$ |
30,430 |
|
$ |
(2,017 |
) |
$ |
- |
|
$ |
32,447 |
|
$ |
20,035 |
|
$ |
(1,969 |
) |
$ |
- |
|
$ |
22,004 |
|
Unrealized loss on trading securities |
|
(2,455 |
) |
|
- |
|
|
(2,455 |
) |
|
- |
|
|
(423 |
) |
|
- |
|
|
(423 |
) |
|
- |
|
Net income (loss)
attributable to ACM Research, Inc. |
$ |
26,825 |
|
$ |
(2,017 |
) |
$ |
(2,455 |
) |
$ |
31,297 |
|
$ |
12,236 |
|
$ |
(1,969 |
) |
$ |
(423 |
) |
$ |
14,628 |
|
Basic EPS |
$ |
0.45 |
|
|
|
$ |
0.52 |
|
$ |
0.21 |
|
|
|
$ |
0.25 |
|
Diluted EPS |
$ |
0.41 |
|
|
|
$ |
0.48 |
|
$ |
0.18 |
|
|
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
2023 |
2022 |
|
Actual(GAAP) |
SBC |
Other non-operating adjustments |
Adjusted(Non-GAAP) |
Actual(GAAP) |
SBC |
Other non-operating adjustments |
Adjusted(Non-GAAP) |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
218,833 |
|
$ |
- |
|
$ |
- |
|
$ |
218,833 |
|
$ |
146,581 |
|
$ |
- |
|
$ |
- |
|
$ |
146,581 |
|
Cost of revenue |
|
(110,208 |
) |
|
(250 |
) |
|
- |
|
|
(109,958 |
) |
|
(82,738 |
) |
|
(253 |
) |
|
- |
|
|
(82,485 |
) |
Gross profit |
|
108,625 |
|
|
(250 |
) |
|
- |
|
|
108,875 |
|
|
63,843 |
|
|
(253 |
) |
|
- |
|
|
64,096 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
(20,776 |
) |
|
(862 |
) |
|
- |
|
|
(19,914 |
) |
|
(14,361 |
) |
|
(928 |
) |
|
- |
|
|
(13,433 |
) |
Research and development |
|
(34,093 |
) |
|
(1,410 |
) |
|
- |
|
|
(32,683 |
) |
|
(28,713 |
) |
|
(1,067 |
) |
|
- |
|
|
(27,646 |
) |
General and administrative |
|
(14,464 |
) |
|
(1,563 |
) |
|
- |
|
|
(12,901 |
) |
|
(10,040 |
) |
|
(1,095 |
) |
|
- |
|
|
(8,945 |
) |
Total operating expenses |
|
(69,333 |
) |
|
(3,835 |
) |
|
- |
|
|
(65,498 |
) |
|
(53,114 |
) |
|
(3,090 |
) |
|
- |
|
|
(50,024 |
) |
Income from operations |
$ |
39,292 |
|
$ |
(4,085 |
) |
$ |
- |
|
$ |
43,377 |
|
$ |
10,729 |
|
$ |
(3,343 |
) |
$ |
- |
|
$ |
14,072 |
|
Unrealized loss on trading securities |
|
(3,109 |
) |
|
- |
|
|
(3,109 |
) |
|
- |
|
|
(4,281 |
) |
|
- |
|
|
(4,281 |
) |
|
- |
|
Net income (loss)
attributable to ACM Research, Inc. |
$ |
33,970 |
|
$ |
(4,085 |
) |
$ |
(3,109 |
) |
$ |
41,164 |
|
$ |
6,450 |
|
$ |
(3,343 |
) |
$ |
(4,281 |
) |
$ |
14,074 |
|
Basic EPS |
$ |
0.57 |
|
|
|
$ |
0.69 |
|
$ |
0.11 |
|
|
|
$ |
0.24 |
|
Diluted EPS |
$ |
0.52 |
|
|
|
$ |
0.63 |
|
$ |
0.10 |
|
|
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
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