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|
Three Months Ended December 31,
|
||||||||||||||||
|
GAAP
|
Non-GAAP(1)
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
(dollars in thousands, execpt EPS)
|
||||||||||||||||
|
Revenue
|
$
|
95,142
|
$
|
45,562
|
$
|
95,142
|
$
|
45,562
|
||||||||
|
Gross margin
|
47.8
|
%
|
43.2
|
%
|
47.9
|
%
|
43.3
|
%
|
||||||||
|
Income from operations
|
$
|
19,126
|
$
|
5,432
|
$
|
20,420
|
$
|
6,737
|
||||||||
|
Net income attributable to ACM Research, Inc.
|
$
|
15,565
|
$
|
8,529
|
$
|
18,069
|
$
|
6,230
|
||||||||
|
Basic EPS
|
$
|
0.80
|
$
|
0.46
|
$
|
0.93
|
$
|
0.34
|
||||||||
|
Diluted EPS (2)
|
$
|
0.70
|
$
|
0.39
|
$
|
0.81
|
$
|
0.29
|
||||||||
|
Year Ended December 31,
|
||||||||||||||||
|
GAAP
|
Non-GAAP(1)
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
(dollars in thousands, execpt EPS)
|
||||||||||||||||
|
Revenue
|
$
|
259,751
|
$
|
156,624
|
$
|
259,751
|
$
|
156,624
|
||||||||
|
Gross margin
|
44.2
|
%
|
44.4
|
%
|
44.4
|
%
|
44.5
|
%
|
||||||||
|
Income from operations
|
$
|
38,702
|
$
|
21,492
|
$
|
43,819
|
$
|
27,120
|
||||||||
|
Net income attributable to ACM Research, Inc.
|
$
|
37,757
|
$
|
18,780
|
$
|
42,267
|
$
|
23,798
|
||||||||
|
Basic EPS
|
$
|
1.96
|
$
|
1.03
|
$
|
2.20
|
$
|
1.31
|
||||||||
|
Diluted EPS (2)
|
$
|
1.73
|
$
|
0.89
|
$
|
1.94
|
$
|
1.12
|
||||||||
| (1) |
Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to
Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc. and basic and diluted EPS, also exclude non-cash change in fair value of
financial liabilities and unrealized gain on trading securities.
|
| (2) |
Diluted EPS includes an impact of $108,000 in the fourth quarter and the full year 2021 from dilutive shares of ACM Research (Shanghai), Inc.
|
| • |
Shipments. Total shipments in 2021 were $372 million, versus $182 million in 2020. Total
shipments in the fourth quarter of 2021 were $117 million, versus $67 million in the fourth quarter of 2020 and $99 million in the third quarter of 2021. Total shipments include deliveries for revenue in the quarter and deliveries of first
tool systems awaiting customer acceptance for potential revenue in future quarters.
|
| • |
Orders for Ultra ECP map and Ultra ECP ap copper plating systems. In February 2022 ACM
announced it had received volume purchase orders for 13 Ultra ECP map and 8 Ultra ECP ap copper plating systems, of which 10 tools are repeat orders from a top-tier Chinese foundry. The orders represent the first volume purchase order of
ACM’s Ultra ECP map systems. The customer has qualified the Ultra ECP map tool in 65 nm to 28 nm processes, where its performance met or exceeded requirements, and has ordered a significant number of tools for its production lines.
|
| • |
Orders for Ultra C wb Wet bench Tools. In February 2022 ACM announced it had received volume
purchase orders for 29 Ultra C wb wet bench tools for 300 mm wafer applications. The orders are from multiple China-based customers, and include repeat orders for 16 tools from an emerging foundry customer to support its ongoing fab
expansion. Shipments are scheduled in two phases, beginning in the first half of 2022.
|
| • |
Introduced Compound Semiconductor Tools. This new comprehensive tool set supports compound
semiconductor manufacturing, which addresses growing demand from electric vehicle, 5G communication and AI markets. ACM’s 150mm-200mm bridge systems support front-end cleaning and a wide range of advanced wafer-level packaging applications
for compound semiconductors, including gallium arsenide (GaAs), gallium nitride (GaN) and silicon carbide (SiC) processes. The wet process portfolio includes coater, developer, photoresist (PR) stripper, wet etcher, cleaner and metal plating
tools. In January 2022 ACM announced it had delivered one Ultra C wet etch tool and two electrochemical plating (ECP) GIII tools and received a purchase order for two Ultra C PR wet stripping systems from a leading global integrated device
manufacturer.
|
| • |
Orders for SAPS Single-Wafer-Cleaning Tools. In December 2021 ACM announced it had received
orders for Ultra C SAPS V 12-chamber cleaning tools from a major U.S.-based global semiconductor manufacturer. Both tools are expected to be installed in the prospective
customer’s U.S. facilities for use in its advanced processes. The orders, scheduled for delivery in the first half of 2022, include an evaluation tool to further confirm the tool’s cleaning performance and a production tool intended for a
high-volume manufacturing line.
|
| • |
Completion of ACM Shanghai’s STAR Market IPO and Shares Listing. ACM Shanghai completed its
IPO process and started trading on the Shanghai Stock Exchange's Sci-Tech innovAtion boaRd (the STAR Market), under the stock code: 688082, on November 18, 2021. In its IPO ACM Shanghai issued 43,355,753 shares, representing 10% of the total
433,557,100 shares outstanding after the IPO. The shares were issued at a public offering price of RMB 85.00 per share, and the gross proceeds of the IPO totaled RMB 3.685 billion (US$577 million based on November 17, 2021 currency exchange
rates).
|
| • |
Revenue for 2021 was $259.8 million, up 66% from 2020, reflecting a 44% increase in revenue
from single wafer cleaning, Tahoe and semi-critical cleaning equipment, a 149% increase in revenue from ECP, furnace and other technologies, and a 210% increase in revenue from advanced packaging (excluding ECP), services and spares.
|
| • |
Gross margin for 2021 was 44.2%, versus 44.4% in 2020. Non-GAAP gross margin, which excludes
stock-based compensation, was 44.4%, versus 44.5% in 2020. Gross margin was within the range of 40% to 45% reflected in the Company’s long-term business model. The Company expects gross margin to vary from period to period due to a variety of
factors, such as sales volume and product mix.
|
| • |
Operating expenses for 2021 were $76.2 million, compared to $48.1 million in 2020. Non-GAAP
operating expenses, which exclude the effect of stock-based compensation, were $71.4 million, compared to $42.7 million in 2020. The increase in operating expenses for 2021 was due to higher research and development spending on new products.
|
| • |
Operating income for 2021 was $38.7 million, compared to $21.5 million in 2020. Operating
income as a percent of revenue was 14.9% in 2021 versus 13.7% in 2020. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $43.8 million, compared to $27.1 million in 2020.
|
| • |
Unrealized gain on trading securities for 2021 was $0.6 million. The gain reflects the change
in market value of ACM Shanghai’s indirect investment in STAR Market IPO shares of Semiconductor Manufacturing International Corporation (SMIC), which began trading in mid-July 2020. The value was marked-to-market at year-end and is excluded
from non-GAAP results.
|
| • |
Net income attributable to ACM Research, Inc. for 2021 was $37.8 million, compared to $18.8
million in 2020. Non-GAAP net income attributable to ACM Research, Inc. in 2021, excluding the effect of stock-based compensation, non-cash change in fair value of financial liabilities, and unrealized gain on trading securities, was $42.3
million as compared to $23.8 million in 2020. Tax items (compared to a normalized tax rate), and the effects of foreign-exchange fluctuations on operating results provided net benefits of $4.9 million and $0.9 million in 2021 and 2020, respectively.
|
| • |
Net income per diluted share attributable to ACM Research, Inc. for 2021 was $1.73, compared
to $0.89 in 2020. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation, non-cash change in fair value of financial liabilities, and unrealized gain on trading securities, was $1.94 in 2021, compared to $1.12 in 2020. Tax items and effects of foreign-exchange fluctuations on operating results provided net benefits per share of $0.23 and $0.04 in 2021 and 2020, respectively.
|
| • |
Cash and cash equivalents at December 31, 2021 were $563.1 million, versus $71.8 million at
December 31, 2020. In addition, at December 31, 2021, ACM Shanghai’s STAR Market equity investment in SMIC at December 31, 2021 had a fair value of $29.5 million.
|
| • |
Revenue in the fourth quarter of 2021 was $95.1 million, up 109% year over year, reflecting a
68% increase in revenue from single wafer cleaning, Tahoe and semi-critical cleaning equipment, a 386% increase in revenue from ECP, furnace and other technologies, and a 189% increase in revenue from advanced packaging (excluding ECP),
services and spares.
|
| • |
Operating expenses in the fourth quarter of 2021 were $26.3 million, up from $14.2 million
in the fourth quarter of 2020. Non-GAAP operating expenses, which exclude the effects of stock-based compensation, were $25.1 million, compared to $13.0 million in the fourth quarter of 2020. The increase in operating expenses for the fourth
quarter of 2021 was due to higher research and development spending on new products.
|
| • |
Operating income in the fourth quarter of 2021 was $19.1 million, up from $5.4 million in
the fourth quarter of 2020. Operating income as a percent of revenue was 20.1% in the fourth quarter of 2021 versus 11.9% in the same period of 2020. Non-GAAP operating income, which excludes the effect of stock-based compensation, was
$20.4 million, compared to $6.7 million in the fourth quarter of 2020.
|
| • |
Unrealized loss on trading securities was $1.2 million in the fourth quarter of 2021. The
loss reflects the change in market value of ACM Shanghai’s indirect investment in STAR Market IPO shares of SMIC, which began trading in mid-July 2020. The value was marked-to-market at quarter-end and is excluded from non-GAAP results.
|
| • |
Net income attributable to ACM Research, Inc. in the fourth quarter of 2021 was $15.6
million, compared to $8.5 million in the fourth quarter of 2020. Non-GAAP net income attributable to ACM Research, Inc. in the fourth quarter of 2021, excluding the effect of stock-based compensation, and unrealized gain on trading
securities, was $18.1 million as compared to $6.2 in the fourth quarter of 2020. Equity income in net income of affiliates contributed $3.6 million in the fourth quarter of 2021, due in part to an investment-related gain from ACM Shanghai’s
participation in a limited partnership, as compared to $0.1 million in the fourth quarter of 2020. Tax-related items (compared to a normalized tax rate) and the effects of foreign-exchange fluctuations on operating results provided a net
benefit of $0.2 million and $0.9 million in the fourth quarters of 2021 and 2020, respectively.
|
| • |
Net income per diluted share attributable to ACM Research, Inc. in the fourth quarter of
2021 was $0.70, compared to $0.39 in the fourth quarter of 2020. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized gain on trading securities, was $0.81 in the fourth quarter of 2021,
compared to $0.29 in the fourth quarter of 2020. Tax items and effects of foreign-exchange fluctuations on operating results provided a net benefit per share of $0.01 and $0.04 in the fourth quarters of 2021 and 2020, respectively.
|
|
Phone Number
|
Toll-Free Number
|
|
|
United States
|
+1 (661) 567-1217
|
+1 (833) 562-0137
|
|
Hong Kong
|
+852 5819 4851
|
+852 8009 66253
|
|
Mainland China
|
+86 8008700169
+86 4006828609
|
|
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
|
|
December 31, 2021
|
December 31, 2020
|
|||||||
|
(Unaudited)
|
||||||||
|
(In thousands, except share and per share data)
|
||||||||
|
Assets
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$
|
563,067
|
$
|
71,766
|
||||
|
Trading securities
|
29,498
|
28,239
|
||||||
|
Accounts receivable, less allowance for doubtful accounts of $0 as of December 31, 2021 and December 31,
2020
|
105,553
|
56,441
|
||||||
|
Income tax recoverable
|
1,082
|
-
|
||||||
|
Other receivables
|
18,979
|
9,679
|
||||||
|
Inventories
|
218,116
|
88,639
|
||||||
|
Prepaid expenses
|
16,639
|
5,892
|
||||||
|
Total current assets
|
952,934
|
260,656
|
||||||
|
Property, plant and equipment, net
|
14,042
|
8,192
|
||||||
|
Land use right, net
|
9,667
|
9,646
|
||||||
|
Operating lease right-of-use assets, net
|
4,182
|
4,297
|
||||||
|
Intangible assets, net
|
477
|
554
|
||||||
|
Deferred tax assets
|
13,166
|
11,076
|
||||||
|
Long-term investments
|
12,694
|
6,340
|
||||||
|
Other long-term assets
|
45,017
|
40,496
|
||||||
|
Total assets
|
1,052,179
|
341,257
|
||||||
|
Liabilities and Stockholders’ Equity
|
||||||||
|
Current liabilities:
|
||||||||
|
Short-term borrowings
|
9,591
|
26,147
|
||||||
|
Current portion of long-term borrowings
|
2,410
|
1,591
|
||||||
|
Accounts payable
|
101,350
|
35,603
|
||||||
|
Advances from customers
|
52,824
|
17,888
|
||||||
|
Deferred revenue
|
3,180
|
1,343
|
||||||
|
Income taxes payable
|
254
|
31
|
||||||
|
FIN-48 payable
|
2,282
|
83
|
||||||
|
Other payables and accrued expenses
|
31,735
|
18,805
|
||||||
|
Current portion of operating lease liability
|
2,313
|
1,417
|
||||||
|
Total current liabilities
|
205,939
|
102,908
|
||||||
|
Long-term borrowings
|
22,957
|
17,979
|
||||||
|
Long-term operating lease liability
|
1,869
|
2,880
|
||||||
|
Deferred tax liability
|
1,302
|
1,286
|
||||||
|
Other long-term liabilities
|
8,447
|
8,034
|
||||||
|
Total liabilities
|
240,514
|
133,087
|
||||||
|
Commitments and contingencies
|
||||||||
|
Stockholders’ equity:
|
||||||||
|
Common stock – Class A, par value $0.0001: 150,000,000 shares authorized as of December 31, 2021 and
50,000,000 shares authorized as of December 31, 2020; 17,869,643 shares issued and outstanding as of December 31, 2021 and 16,896,693 shares issued and outstanding as of December 31, 2020
|
2
|
2
|
||||||
|
Common stock–Class B, par value $0.0001: 5,307,816 shares authorized as of December 31, 2021 and
2,409,738 shares authorized as of December 31, 2020; 1,695,938 shares issued and outstanding as of December 31, 2021 and 1,802,606 shares issued and outstanding as of December 31, 2020
|
-
|
-
|
||||||
|
Additional paid in capital
|
595,049
|
102,004
|
||||||
|
Accumulated surplus
|
72,044
|
34,287
|
||||||
|
Accumulated other comprehensive income
|
9,109
|
4,857
|
||||||
|
Total ACM Research, Inc. stockholders’ equity
|
676,204
|
141,150
|
||||||
|
Non-controlling interests
|
135,461
|
67,020
|
||||||
|
Total stockholders’ equity
|
811,665
|
208,170
|
||||||
|
Total liabilities and stockholders’ equity
|
$
|
1,052,179
|
$
|
341,257
|
||||
|
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
(In thousands, except share and per share data)
|
(In thousands, except share and per share data)
|
|||||||||||||||
|
Revenue
|
$
|
95,142
|
$
|
45,562
|
$
|
259,751
|
$
|
156,624
|
||||||||
|
Cost of revenue
|
49,696
|
25,888
|
144,895
|
87,025
|
||||||||||||
|
Gross profit
|
45,446
|
19,674
|
114,856
|
69,599
|
||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Sales and marketing
|
9,273
|
5,249
|
26,733
|
16,773
|
||||||||||||
|
Research and development
|
12,914
|
5,878
|
34,207
|
19,119
|
||||||||||||
|
General and administrative
|
4,133
|
3,115
|
15,214
|
12,215
|
||||||||||||
|
Total operating expenses, net
|
26,320
|
14,242
|
76,154
|
48,107
|
||||||||||||
|
Income from operations
|
19,126
|
5,432
|
38,702
|
21,492
|
||||||||||||
|
Interest income
|
392
|
63
|
505
|
897
|
||||||||||||
|
Interest expense
|
(191
|
)
|
(371
|
)
|
(765
|
)
|
(982
|
)
|
||||||||
|
Change in fair value of financial liability
|
-
|
-
|
-
|
(11,964
|
)
|
|||||||||||
|
Unrealized gain on trading securities
|
(1,210
|
)
|
3,604
|
607
|
12,574
|
|||||||||||
|
Other income (expense), net
|
52
|
(2,444
|
)
|
(631
|
)
|
(3,377
|
)
|
|||||||||
|
Equity income in net income of affiliates
|
3,601
|
116
|
4,637
|
655
|
||||||||||||
|
Income before income taxes
|
21,770
|
6,400
|
43,055
|
19,295
|
||||||||||||
|
Income tax benefit (expense)
|
(3,155
|
)
|
2,798
|
(134
|
)
|
2,382
|
||||||||||
|
Net income
|
18,615
|
9,198
|
42,921
|
21,677
|
||||||||||||
|
Less: Net income attributable to non-controlling interests and redeemable non-controlling interests
|
3,050
|
669
|
5,164
|
2,897
|
||||||||||||
|
Net income attributable to ACM Research, Inc.
|
$
|
15,565
|
$
|
8,529
|
$
|
37,757
|
$
|
18,780
|
||||||||
|
Comprehensive income:
|
||||||||||||||||
|
Net income
|
18,615
|
9,198
|
42,921
|
21,677
|
||||||||||||
|
Foreign currency translation adjustment
|
3,436
|
6,394
|
4,695
|
10,493
|
||||||||||||
|
Comprehensive Income
|
22,051
|
15,592
|
47,616
|
32,170
|
||||||||||||
|
Less: Comprehensive income attributable to non-controlling interests and redeemable non-controlling interests
|
3,136
|
3,244
|
5,607
|
6,858
|
||||||||||||
|
Comprehensive income attributable to ACM Research, Inc.
|
$
|
18,915
|
$
|
12,348
|
$
|
42,009
|
$
|
25,312
|
||||||||
|
Net income attributable to ACM Research, Inc. per common share:
|
||||||||||||||||
|
Basic
|
$
|
0.80
|
$
|
0.46
|
$
|
1.96
|
$
|
1.03
|
||||||||
|
Diluted
|
$
|
0.70
|
$
|
0.39
|
$
|
1.73
|
$
|
0.89
|
||||||||
|
Weighted average common shares outstanding used in computing per share amounts:
|
||||||||||||||||
|
Basic
|
19,529,462
|
18,557,085
|
19,218,236
|
18,233,361
|
||||||||||||
|
Diluted
|
22,108,607
|
21,794,203
|
21,785,572
|
21,183,469
|
||||||||||||
|
`
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
||||||||||||||
|
Total Revenue By Product Category
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
|
Single wafer cleaning, Tahoe and semi-critical cleaning equipment
|
$
|
61,886
|
$
|
36,780
|
$
|
189,208
|
$
|
131,248
|
||||||||
|
ECP (front-end and packaging), furnace and other technologies
|
19,460
|
4,003
|
33,210
|
13,343
|
||||||||||||
|
Advanced packaging (excluding ECP), services & spares
|
13,796
|
4,779
|
37,333
|
12,033
|
||||||||||||
|
$
|
95,142
|
$
|
45,562
|
$
|
259,751
|
$
|
156,624
|
|||||||||
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
|
Total Revenue Front-end and Back-End
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
|
Wet cleaning and other front-end processing tools
|
$
|
74,946
|
$
|
37,358
|
$
|
202,268
|
$
|
136,317
|
||||||||
|
Advanced packaging, other processing tools, services and spares
|
20,196
|
8,204
|
57,483
|
20,307
|
||||||||||||
|
$
|
95,142
|
$
|
45,562
|
$
|
259,751
|
$
|
156,624
|
|||||||||
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
| Total Revenue By Region |
2021
|
2020
|
2021
|
2020
|
||||||||||||
|
Mainland China
|
$
|
94,296
|
$
|
44,185
|
$
|
258,615
|
$
|
154,359
|
||||||||
|
Other Regions
|
846
|
1,377
|
1,136
|
2,265
|
||||||||||||
|
|
$
|
95,142
|
$
|
45,562
|
$
|
259,751
|
$
|
156,624
|
||||||||
|
Three Months Ended December 31,
|
||||||||||||||||||||||||||||||||
|
2021
|
2020
|
|||||||||||||||||||||||||||||||
|
Actual
|
SBC
|
Other non-
operating adjustments
|
Adjusted
|
Actual
|
SBC
|
Other non-
operating adjustments
|
Adjusted
|
|||||||||||||||||||||||||
|
(GAAP)
|
(Non-
GAAP)
|
(GAAP)
|
(Non-
GAAP) |
|||||||||||||||||||||||||||||
|
(In thousands, except EPS)
|
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
Revenue
|
$
|
95,142
|
$
|
-
|
$
|
-
|
$
|
95,142
|
$
|
45,562
|
$
|
-
|
$
|
-
|
$
|
45,562
|
||||||||||||||||
|
Cost of revenue
|
(49,696
|
)
|
(108
|
)
|
-
|
(49,588
|
)
|
(25,888
|
)
|
(43
|
)
|
-
|
(25,845
|
)
|
||||||||||||||||||
|
Gross profit
|
45,446
|
(108
|
)
|
-
|
45,554
|
19,674
|
(43
|
)
|
-
|
19,717
|
||||||||||||||||||||||
|
Operating expenses:
|
||||||||||||||||||||||||||||||||
|
Sales and marketing
|
(9,273
|
)
|
(402
|
)
|
-
|
(8,871
|
)
|
(5,249
|
)
|
(704
|
)
|
-
|
(4,545
|
)
|
||||||||||||||||||
|
Research and development
|
(12,914
|
)
|
(314
|
)
|
-
|
(12,600
|
)
|
(5,878
|
)
|
(195
|
)
|
-
|
(5,683
|
)
|
||||||||||||||||||
|
General and administrative
|
(4,133
|
)
|
(470
|
)
|
-
|
(3,663
|
)
|
(3,115
|
)
|
(363
|
)
|
-
|
(2,752
|
)
|
||||||||||||||||||
|
Income from operations
|
$
|
19,126
|
$
|
(1,294
|
)
|
$
|
-
|
$
|
20,420
|
$
|
5,432
|
$
|
(1,305
|
)
|
$
|
-
|
$
|
6,737
|
||||||||||||||
|
Unrealized gain (loss) on trading securities
|
(1,210
|
)
|
-
|
(1,210
|
)
|
-
|
3,604
|
-
|
3,604
|
-
|
||||||||||||||||||||||
|
Net income attributable to ACM Research, Inc.
|
$
|
15,565
|
$
|
(1,294
|
)
|
$
|
(1,210
|
)
|
$
|
18,069
|
$
|
8,529
|
$
|
(1,305
|
)
|
$
|
3,604
|
$
|
6,230
|
|||||||||||||
|
Basic EPS
|
$
|
0.80
|
$
|
0.93
|
$
|
0.46
|
$
|
0.34
|
||||||||||||||||||||||||
|
Diluted EPS
|
$
|
0.70
|
$
|
0.81
|
$
|
0.39
|
$
|
0.29
|
||||||||||||||||||||||||
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||||
|
2021
|
2020
|
|||||||||||||||||||||||||||||||
|
Actual
|
SBC
|
Other non-
operating adjustments
|
Adjusted
|
Actual
|
SBC
|
Other non-
operating adjustments
|
Adjusted
|
|||||||||||||||||||||||||
|
(GAAP)
|
(Non-
GAAP)
|
(GAAP)
|
(Non-
GAAP)
|
|||||||||||||||||||||||||||||
|
(In thousands, except EPS)
|
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
Revenue
|
$
|
259,751
|
$
|
-
|
$
|
-
|
$
|
259,751
|
$
|
156,624
|
$
|
-
|
$
|
-
|
$
|
156,624
|
||||||||||||||||
|
Cost of revenue
|
(144,895
|
)
|
(397
|
)
|
-
|
(144,498
|
)
|
(87,025
|
)
|
(175
|
)
|
-
|
(86,850
|
)
|
||||||||||||||||||
|
Gross profit
|
114,856
|
(397
|
)
|
-
|
115,253
|
69,599
|
(175
|
)
|
-
|
69,774
|
||||||||||||||||||||||
|
Operating expenses:
|
||||||||||||||||||||||||||||||||
|
Sales and marketing
|
(26,733
|
)
|
(1,802
|
)
|
-
|
(24,931
|
)
|
(16,773
|
)
|
(1,199
|
)
|
-
|
(15,574
|
)
|
||||||||||||||||||
|
Research and development
|
(34,207
|
)
|
(1,115
|
)
|
-
|
(33,092
|
)
|
(19,119
|
)
|
(763
|
)
|
-
|
(18,356
|
)
|
||||||||||||||||||
|
General and administrative
|
(15,214
|
)
|
(1,803
|
)
|
-
|
(13,411
|
)
|
(12,215
|
)
|
(3,491
|
)
|
-
|
(8,724
|
)
|
||||||||||||||||||
|
Income from operations
|
$
|
38,702
|
$
|
(5,117
|
)
|
$
|
-
|
$
|
43,819
|
$
|
21,492
|
$
|
(5,628
|
)
|
$
|
-
|
$
|
27,120
|
||||||||||||||
|
Change in fair value of financial liability
|
-
|
-
|
-
|
-
|
(11,964
|
)
|
-
|
(11,964
|
)
|
-
|
||||||||||||||||||||||
|
Unrealized gain on trading securities
|
607
|
-
|
607
|
-
|
12,574
|
-
|
12,574
|
-
|
||||||||||||||||||||||||
|
Net income attributable to ACM Research, Inc.
|
$
|
37,757
|
$
|
(5,117
|
)
|
$
|
607
|
$
|
42,267
|
$
|
18,780
|
$
|
(5,628
|
)
|
$
|
610
|
$
|
23,798
|
||||||||||||||
|
Basic EPS
|
$
|
1.96
|
$
|
2.20
|
$
|
1.03
|
$
|
1.31
|
||||||||||||||||||||||||
|
Diluted EPS
|
$
|
1.73
|
$
|
1.94
|
$
|
0.89
|
$
|
1.12
|
||||||||||||||||||||||||
