ACM Research Reports Fourth Quarter and Fiscal Year 2022 Results

FREMONT, Calif., Feb. 24, 2023 (GLOBE NEWSWIRE) — 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 fourth quarter and fiscal year ended December 31, 2022.

“2022 marks another year of progress on our mission to become a major supplier to the global semiconductor industry,” said ACM’s President and Chief Executive Officer, Dr. David Wang. “We delivered solid growth amidst COVID-related restrictions, supply-chain disruptions, and increased trade regulations. We believe that the pandemic is largely behind us, and we have returned to more normal operations.”

Dr. Wang continued, “Our results demonstrate the strength of ACM’s multi-product portfolio and our expanding customer base. We took share with our core cleaning products, more than doubled our revenue from ECP tools, and are achieving good traction with our furnace products. We also entered two new product categories with the introduction of the Ultra PmaxTM PECVD and Ultra LithTM Track Coater/Developer tools, which we believe doubles our served addressable market. The evaluation of two cleaning tools at the U.S. facility of a major U.S.-based semiconductor manufacturer is going well, and we are pleased to announce an order for an evaluation tool to a major potential customer in Europe for delivery later this year.”

Dr. Wang concluded, “As we look ahead to 2023, we expect another year of growth driven by continued share gains, new products and new customers. We are on track to begin initial production at our new facility in Lingang, Shanghai in the second half of 2023, and we plan to increase our investments in Korea to support our international growth initiatives.”

  Three Months Ended December 31,  
  GAAP   Non-GAAP(1)
    2022       2021       2022       2021  
  (dollars in thousands, except EPS)  
Revenue $ 108,542     $ 95,142     $ 108,542     $ 95,142  
Gross margin   49.6%       47.8%       49.7%       47.9%  
Income from operations $ 16,670     $ 19,126     $ 19,164     $ 20,420  
Net income attributable to ACM Research, Inc. $ 11,809     $ 15,565     $ 12,596     $ 18,069  
Basic EPS $ 0.20     $ 0.27     $ 0.21     $ 0.31  
Diluted EPS (2) $ 0.18     $ 0.23     $ 0.19     $ 0.27  

  Year Ended December 31,
  GAAP   Non-GAAP(1)
    2022       2021       2022       2021  
  (dollars in thousands, except EPS)
Revenue $ 388,832     $ 259,751     $ 388,832     $ 259,751  
Gross margin   47.2%       44.2%       47.4%       44.4%  
Income from operations $ 59,035     $ 38,702     $ 66,765     $ 43,819  
Net income attributable to ACM Research, Inc. $ 39,263     $ 37,757     $ 54,848     $ 42,267  
Basic EPS $ 0.66     $ 0.65     $ 0.93     $ 0.73  
Diluted EPS (2) $ 0.59     $ 0.58     $ 0.83     $ 0.65  

(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.

(2)   Prior period results have been adjusted to reflect the three-for-one stock split effected in the form of a stock dividend in March 2022.

Outlook

The Company is maintaining its revenue guidance range of $515 million to $585 million for fiscal year 2023. This expectation is based on ACM management’s current assessment of the potential impact from current US-China trade policy and 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 2022 were $539 million, versus $372 million in 2021. Total shipments in the fourth quarter of 2022 were $197 million, versus $117 million in the fourth quarter of 2021. 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 Purchase Order for SAPS Tool from Major European Global Semiconductor Manufacturer. ACM announced the receipt of a first tool order for its Ultra C SAPS-V cleaning tool from a major Europe-based global semiconductor manufacturer. The tool is expected to be shipped to the prospective customer’s European facility in the fourth quarter of 2023.
  • First MLO-capable Ultra C pr Tool Qualified and in Mass Production at Power Semiconductor Manufacturer in China. ACM expanded its Ultra C pr product offering to include metal lift-off (MLO) capabilities for power semiconductor manufacturing and wafer level packaging (WLP) applications. MLO can be used to save an etch process step, reducing cost, optimizing cycle times and sharply reducing chemical demand at high temperatures. The first MLO-capable Ultra C pr tool has been qualified and released to mass production at a power semiconductor manufacturer in China.
  • Introduced Track Tool to Support Lithography for Semiconductor IC Manufacturing. ACM introduced its Ultra LithTM Track tool, marking its entry into the track market. ACM’s participation in this new product category is a natural evolution of its expertise in cleaning, coating and developing systems. The first Ultra LithTM Track Coater/Developer ArF tool was delivered to a domestic Chinese customer in the fourth quarter of 2022, an i-line model is planned for delivery in 2023, and ACM also has begun development of a KrF model.
  • Introduced PECVD Tool to Support Logic & Memory Manufacturing. ACM introduced its Ultra PmaxTM Plasma-Enhanced Chemical Vapor Deposition (PECVD) tool as another major new product category, marking its entry into chemical vapor deposition (CVD) market.

Full Year 2022 Financial Summary

Unless otherwise noted, the following figures refer to the full year of 2022 and comparisons are with the full year of 2021.

  • Revenue was $388.8 million, up 49.7%, reflecting continued share gains by our flagship cleaning products and strong growth from our new products, particularly ECP tools.
  • Gross margin was 47.2%, up from 44.2%. Non-GAAP gross margin, which excludes stock-based compensation, was 47.4%, up from 44.4%. Gross margin exceeded the range of 40% to 45% reflected in the Company’s long-term business model. The Company expects gross margin to vary from period to period due to a variety of factors, such as sales volume, product mix and favorable currency impacts from a stronger dollar versus the Chinese RMB.
  • Operating expenses were $124.6 million, an increase of 63.6%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $117.4 million, up 64.3%. Operating expenses as a percent of revenue increased to 32.0% from 29.3%. Non-GAAP operating expenses as a percent of revenue increased to 30.2% from 27.5%.
  • Operating income was $59.0 million, up from $38.7 million. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $66.8 million, up from $43.8 million.
  • Unrealized loss on trading securities was $7.9 million. The loss reflects the change in market value of the indirect investment by ACM Shanghai in the STAR Market IPO shares of Semiconductor Manufacturing International Corporation (“SMIC”). The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
  • Realized gain from sale of trading securities was $1.1 million due to the sale of a portion of ACM Shanghai’s shares of SMIC, which generated net proceeds of $4.5 million.
  • Income tax expense was $16.8 million, up from $0.1 million. As a result of a change in Section 174 of the U.S. Internal Revenue Code of 1986 that became effective on January 1, 2022, the effective tax rate for 2022 has increased, primarily due to a new requirement to capitalize and amortize previously deductible research and experimental expenses.
  • Net income attributable to ACM Research, Inc. was $39.3 million, compared to net income of $37.8 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 $54.8 million, as compared to non-GAAP net income of $42.3 million.
  • Net income per diluted share attributable to ACM Research, Inc. was $0.59, compared to $0.58. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on trading securities, was $0.83, compared to $0.65.
  • Cash and cash equivalents were $248.0 million at December 31, 2022, versus $336.3 million at September 30, 2022. Cash and cash equivalents, plus restricted cash and time deposits were $420.9 million at December 31, 2022, versus $473.2 million at September 30, 2022.

Fourth Quarter 2022 Financial Summary

Unless otherwise noted, the following figures refer to the fourth quarter of 2022 and comparisons are with the fourth quarter of 2021.

  • Revenue was $108.5 million, up 14.1%, reflecting continued share gains by our flagship cleaning products and contribution from our new products, particularly ECP tools.
  • Gross margin was 49.6%, up from 47.8%. Non-GAAP gross margin, which excludes stock-based compensation, was 49.7%, up from 47.9%. Gross margin exceeded the range of 40% to 45% reflected in the Company’s long-term business model. The Company expects gross margin to vary from period to period due to a variety of factors, such as sales volume, product mix and favorable currency impacts from a stronger dollar versus the Chinese RMB.
  • Operating expenses were $37.1 million, an increase of 41.1%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $34.8 million, up 38.4%. Operating expenses as a percent of revenue increased to 34.2% from 27.7%. Non-GAAP operating expenses as a percent of revenue increased to 32.0% from 26.4%.
  • Operating income was $16.7 million, down from $19.1 million. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $19.2 million, down from $20.4 million.
  • Unrealized loss on trading securities was $1.7 million. The loss reflects the change in market value of the indirect investment by ACM Shanghai in the STAR Market IPO shares of SMIC. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
  • Income tax expense was $2.7 million, compared to $3.2 million. As a result of a change in Section 174 of the U.S. Internal Revenue Code of 1986 that became effective on January 1, 2022, the effective tax rate for 2022 has increased, primarily due to a new requirement to capitalize and amortize previously deductible research and experimental expenses.
  • Net income attributable to ACM Research, Inc. was $11.8 million, compared to net income of $15.6 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 $12.6 million, as compared to non-GAAP net income of $18.1 million.
  • Net income per diluted share attributable to ACM Research, Inc. was $0.18, compared to $0.23. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on trading securities, was $0.19, compared to $0.27.

Conference Call Details

A conference call to discuss results will be held on Friday, February 24, 2023, 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/BI8d1b21abbce04178b356565439642c73

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 (loss) 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. ULTRA C and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear 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 Group
  Yujia Zhai
  +1 (860) 214-0809
  [email protected]
   
In China: The Blueshirt Group Asia
  Gary Dvorchak, CFA
  +86 (138) 1079-1480
  [email protected]

ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets
   
  December 31, 2022   December 31, 2021
  (Unaudited)
  (In thousands, except for par value)
Assets      
Current assets:      
Cash and cash equivalents $ 247,951     $ 562,548
Restricted cash   500       519
Short-term time deposits   70,492      
Trading securities   20,209       29,498
Accounts receivable   182,936       105,553
Income tax receivable         1,082
Other receivables   29,617       18,979
Inventories   393,172       218,116
Advances to related party   3,322       2,383
Prepaid expenses   15,607       14,256
Total current assets   963,806       952,934
Property, plant and equipment, net   82,875       14,042
Land use right, net   8,692       9,667
Operating lease right-of-use assets, net   2,489       4,182
Intangible assets, net   1,255       477
Long-term time deposits   101,956      
Deferred tax assets   6,703       13,166
Long-term investments   17,459       12,694
Other long-term assets   50,265       45,017
     Total assets $ 1,235,500     $ 1,052,179
Liabilities and Equity      
Current liabilities:      
Short-term borrowings $ 56,004     $ 9,591
Current portion of long-term borrowings   2,322       2,410
Related party accounts payable   14,468       7,899
Accounts payable   101,735       93,451
Advances from customers   153,773       52,824
Deferred revenue   4,174       3,180
Income taxes payable   3,469       254
FIN-48 payable   6,686       2,282
Other payables and accrued expenses   52,201       31,735
Current portion of operating lease liability   1,382       2,313
Total current liabilities   396,214       205,939
Long-term borrowings   18,687       22,957
Long-term operating lease liability   1,107       1,869
Deferred tax liability         1,302
Other long-term liabilities   7,321       8,447
     Total liabilities   423,329       240,514
Commitments and contingencies      
Equity:      
Stockholders’ equity:      
Class A Common stock   5       5
Class B Common stock   1       1
Additional paid-in capital   604,089       595,045
Retained earnings   94,426       63,732
Statutory surplus reserve   16,881       8,312
Accumulated other comprehensive income (loss)   (40,546 )     9,109
Total ACM Research, Inc. stockholders’ equity   674,856       676,204
Non-controlling interests   137,315       135,461
Total equity   812,171       811,665
Total liabilities and equity $ 1,235,500     $ 1,052,179
       

ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
 
  Three Months Ended December 31,   Year Ended December 31,
    2022       2021       2022       2021  
  (Unaudited)   (Unaudited)
  ( In thousands, except share and per share data)   ( In thousands, except share and per share data)
Revenue $ 108,542     $ 95,142     $ 388,832     $ 259,751  
Cost of revenue   54,737       49,696       205,217       144,895  
Gross profit   53,805       45,446       183,615       114,856  
Operating expenses:              
Sales and marketing   12,395       9,273       39,889       26,733  
Research and development   17,835       12,914       62,226       34,207  
General and administrative   6,905       4,133       22,465       15,214  
Total operating expenses   37,135       26,320       124,580       76,154  
Income from operations   16,670       19,126       59,035       38,702  
Interest income   2,775       392       8,740       505  
Interest expense   (669 )     (191 )     (1,655 )     (765 )
Realized gain from sale of trading securities   (20 )           1,116        
Unrealized gain (loss) on trading securities   1,707       (1,210 )     (7,855 )     607  
Other income (expense), net   (6,634 )     52       3,315       (631 )
Equity income in net income of affiliates   3,014       3,601       4,666       4,637  
Income before income taxes   16,843       21,770       67,362       43,055  
Income tax expense   (2,660 )     (3,155 )     (16,798 )     (134 )
Net income   14,183       18,615       50,564       42,921  
Less: Net income attributable to non-controlling interests   2,374       3,050       11,301       5,164  
Net income attributable to ACM Research, Inc. $ 11,809     $ 15,565     $ 39,263     $ 37,757  
Comprehensive income:              
Net income   14,183       18,615       50,564       42,921  
Foreign currency translation adjustment   21,232       3,436       (59,102 )     4,695  
Comprehensive Income (loss)   35,415       22,051       (8,538 )     47,616  
Less: Comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests   6,232       3,136       1,854       5,607  
Comprehensive income (loss) attributable to ACM Research, Inc. $ 29,183     $ 18,915     $ (10,392 )   $ 42,009  
               
Net income attributable to ACM Research, Inc. per common share:              
Basic $ 0.20     $ 0.27     $ 0.66     $ 0.65  
Diluted $ 0.18     $ 0.23     $ 0.59     $ 0.58  
               
Weighted average common shares outstanding used in computing per share amounts:            
Basic   59,268,562       58,588,386       59,235,975       57,654,708  
Diluted   64,198,325       66,325,821       65,341,771       65,356,716  
               

 

ACM RESEARCH, INC.
Total Revenue by Product Category, by Equipment Type and by Region
           
` Three Months Ended December 31,   Year Ended December 31,
($ in thousand)   2022   2021     2022   2021
Single wafer cleaning, Tahoe and semi-critical cleaning equipment $ 74,603 $ 61,886   $ 272,939 $ 189,208
ECP (front-end and packaging), furnace and other technologies   20,213   19,460     77,482   33,210
Advanced packaging (excluding ECP), services & spares   13,726   13,796     38,411   37,333
Total Revenue By Product Category $ 108,542 $ 95,142   $ 388,832 $ 259,751
           
Wet cleaning and other front-end processing tools $ 79,333 $ 74,946   $ 308,528 $ 202,268
Advanced packaging, other processing tools, services and spares   29,209   20,196     80,304   57,483
Total Revenue Front-end and Back-End $ 108,542 $ 95,142   $ 388,832 $ 259,751
           
  Three Months Ended December 31,   Year Ended December 31,
    2022   2021     2022   2021
Mainland China $ 104,167 $ 94,296   $ 377,752 $ 258,615
Other Regions   4,375   846     11,080   1,136
Total Revenue By Region  $ 108,542 $ 95,142   $ 388,832 $ 259,751
           

 

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 December 31,
    2022     2021  
  Actual SBC Other non-
operating
adjustments
Adjusted Actual SBC Other non-operating adjustments Adjusted
(GAAP) (Non-GAAP) (GAAP) (Non-GAAP)
  (In thousands)
                 
Revenue $ 108,542   $   $   $ 108,542   $ 95,142   $   $   $ 95,142  
Cost of revenue   (54,737 )   (137 )       (54,600 )   (49,696 )   (108 )       (49,588 )
Gross profit   53,805     (137 )       53,942     45,446     (108 )       45,554  
Operating expenses:                
Sales and marketing   (12,395 )   (600 )       (11,795 )   (9,273 )   (402 )       (8,871 )
Research and development   (17,835 )   (832 )       (17,003 )   (12,914 )   (314 )       (12,600 )
General and administrative   (6,905 )   (925 )       (5,980 )   (4,133 )   (470 )       (3,663 )
Income (loss) from operations $ 16,670   $ (2,494 ) $   $ 19,164   $ 19,126   $ (1,294 ) $   $ 20,420  
Unrealized gain (loss) on trading securities   1,707         1,707         (1,210 )       (1,210 )    
Net income (loss) attributable to ACM Research, Inc. $ 11,809   $ (2,494 ) $ 1,707   $ 12,596   $ 15,565   $ (1,294 ) $ (1,210 ) $ 18,069  
Basic EPS $ 0.20       $ 0.21   $ 0.27       $ 0.31  
Diluted EPS $ 0.18       $ 0.19   $ 0.23       $ 0.27  
                 
  Year Ended December 31,
    2022     2021  
  Actual SBC Other non-operating adjustments Adjusted Actual SBC Other non-operating adjustments Adjusted
(GAAP) (Non-GAAP) (GAAP) (Non-GAAP)
  (In thousands)
                 
Revenue $ 388,832   $   $   $ 388,832   $ 259,751   $   $   $ 259,751  
Cost of revenue   (205,217 )   (520 )       (204,697 )   (144,895 )   (397 )       (144,498 )
Gross profit   183,615     (520 )       184,135     114,856     (397 )       115,253  
Operating expenses:                
Sales and marketing   (39,889 )   (1,877 )       (38,012 )   (26,733 )   (1,802 )       (24,931 )
Research and development   (62,226 )   (2,565 )       (59,661 )   (34,207 )   (1,115 )       (33,092 )
General and administrative   (22,465 )   (2,768 )       (19,697 )   (15,214 )   (1,803 )       (13,411 )
Income from operations $ 59,035   $ (7,730 ) $   $ 66,765   $ 38,702   $ (5,117 ) $   $ 43,819  
Unrealized gain (loss) on trading securities   (7,855 )       (7,855 )       607         607      
Net income (loss) attributable to ACM Research, Inc. $ 39,263   $ (7,730 ) $ (7,855 ) $ 54,848   $ 37,757   $ (5,117 ) $ 607   $ 42,267  
Basic EPS $ 0.66       $ 0.93   $ 0.65       $ 0.73  
Diluted EPS $ 0.59       $ 0.83   $ 0.58       $ 0.65  
                 

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