ACM Research Reports Fourth Quarter and Fiscal Year 2023 Results

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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  
       

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