ACM Research Reports Fourth Quarter and Fiscal Year 2022 Results

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
 yujia@blueshirtgroup.com
  
In China:The Blueshirt Group Asia
 Gary Dvorchak, CFA
 +86 (138) 1079-1480
 gary@blueshirtgroup.com



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
       



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