ACM Research Reports Fourth Quarter and Fiscal Year 2022 Results
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 | | | | | | | | | | |
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