ACM Research Reports Fourth Quarter and Fiscal Year 2023 Results

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 or loss on short-term investments. The following tables reconcile 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,
  2023
2022
  Actual SBC Other non-operating adjustments Adjusted Actual SBC Other non-operating adjustments Adjusted
(GAAP) (Non-GAAP) (GAAP) (Non-GAAP)
 (In thousands)
         
Revenue$170,321 $- $- $170,321 $108,542 $- $- $108,542 
Cost of revenue (91,245) (568) -  (90,677) (54,737) (137) -  (54,600)
Gross profit 79,076   (568 )   -     79,644     53,805     (137 )   -     53,942  
Gross margin   46.4 %     0.3 %     -     46.8 %     49.6 %     0.1 %     -     49.7 %  
Operating expenses:                
Sales and marketing   (9,440 )   (2,279 )   -     (7,161 )   (12,395 )   (600 )   -     (11,795 )
Research and development   (32,465 )   (3,628 )   -     (28,837 )   (17,835 )   (832 )   -     (17,003 )
General and administrative   (13,797 )   (6,197 )   -     (7,600 )   (6,905 )   (925 )   -     (5,980 )
Total operating expenses   (55,702 )   (12,104 )   -     (43,598 )   (37,135 )   (2,357 )   -     (34,778 )
Income (loss) from operations $ 23,374   $ (12,672 ) $ -   $ 36,046   $ 16,670   $ (2,494 ) $ -   $ 19,164  
Unrealized gain on short-term investments   1,691     -     1,691     -     1,707     -     1,707     -  
Net income (loss) attributable to ACM Research, Inc. $ 17,700   $ (12,672 ) $ 1,691   $ 28,681   $ 11,809   $ (2,494 ) $ 1,707   $ 12,596  
Basic EPS $ 0.29       $ 0.47   $ 0.20       $ 0.21  
Diluted EPS $ 0.26       $ 0.43   $ 0.18       $ 0.19  
                 
  Year Ended December 31,
  2023
2022
  Actual SBC Other non-operating adjustments Adjusted Actual SBC Other non-operating adjustments Adjusted
(GAAP) (Non-GAAP) (GAAP) (Non-GAAP)
  (In thousands)
                 
Revenue $ 557,723   $ -   $ -   $ 557,723   $ 388,832   $ -   $ -   $ 388,832  
Cost of revenue   (281,508 )   (1,406 )   -     (280,102 )   (205,217 )   (520 )   -     (204,697 )
Gross profit   276,215     (1,406 )   -     277,621     183,615     (520 )   -     184,135  
Gross margin   49.5 %     0.3 %     -     49.8 %     47.2 %     0.1 %     -     47.4 %  
Operating expenses:                
Sales and marketing   (47,019 )   (5,684 )   -     (41,335 )   (39,889 )   (1,877 )   -     (38,012 )
Research and development   (92,709 )   (8,459 )   -     (84,250 )   (62,226 )   (2,565 )   -     (59,661 )
General and administrative   (40,648 )   (11,789 )   -     (28,859 )   (22,465 )   (2,768 )   -     (19,697 )
Total operating expenses   (180,376 )   (25,932 )   -     (154,444 )   (124,580 )   (7,210 )   -     (117,370 )
Income (loss) from operations $ 95,839   $ (27,338 ) $ -   $ 123,177   $ 59,035   $ (7,730 ) $ -   $ 66,765  
Unrealized loss on short-term investments   (2,737 )   -     (2,737 )   -     (7,855 )   -     (7,855 )   -  
Net income (loss) attributable to ACM Research, Inc. $ 77,349   $ (27,338 ) $ (2,737 ) $ 107,424   $ 39,263   $ (7,730 ) $ (7,855 ) $ 54,848  
Basic EPS $ 1.29       $ 1.79   $ 0.66       $ 0.93  
Diluted EPS $ 1.16       $ 1.63   $ 0.59       $ 0.83  
                 

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