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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 | |||