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Acm Research, Inc. (ACMR) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Acm Research, Inc.

CIK: 1680062 Ticker: ACMR

Exhibit 99.01
 

ACM Research Reports Fourth Quarter and Fiscal Year 2021 Results
 
FREMONT, California, February 25, 2022 (Globe Newswire) – ACM Research, Inc. (“ACM” or the “Company”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today reported financial results for its fourth quarter and fiscal year ended December 31, 2021.
 
“2021 was an exceptional and transformative year for ACM, with solid financial performance, operational excellence, and execution of our strategic plan,” said ACM’s President and Chief Executive Officer Dr. David Wang. “Our results demonstrate the effectiveness of ACM’s multi-product strategy, with strong growth from our flagship cleaning tools, and significant increases from electrochemical plating and advanced packaging products.”
 
Dr. Wang continued, “We expanded our customer base, ramped production of new products, and secured orders for evaluation tools from several major semiconductor manufacturers. In November, we raised $545 million in net proceeds through the STAR Market IPO of our subsidiary ACM Research Shanghai. We plan to deploy this capital to accelerate the introduction of new products, add resources to win new major global customers, and continue construction of our Lingang R&D center and production facility. We believe that the STAR Market listing, combined with the listing of ACM’s Class A common stock on the Nasdaq Global Market, provides a strong foundation to achieve our mission to become a global player in the semiconductor equipment industry.”
 
“Looking forward to 2022, we anticipate solid growth from our core cleaning products, a continuation of our strong electrochemical plating product cycle, and the initial ramp of our furnace products.  We are committed to gaining additional share of the $8 billion market addressed by our current product offerings, and we believe we are on track to double our addressable market opportunity with the upcoming introduction of two new product categories.”
 
   
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.
 

Outlook
 
For fiscal year 2022, the Company expects revenue to be in the range of $365 million to $405 million, an increase from guidance provided in a press release announcement made on January 4, 2022. This expectation assumes, among other factors, improvement with respect to the global COVID-19 pandemic and stability in US-China trade policy. The range of ACM’s 2022 outlook reflects, among other things, various spending scenarios for the production ramps of key customers, the absence of unexpected disruptions in ACM’s supply chain, and the timing of acceptances for first tools under evaluation in the field.
 
Operating Highlights and Recent Announcements
 
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).
 
Full Year 2021 Financial Summary
 
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.
 
- 2 -

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.
 
Fourth Quarter 2021 Financial Summary
 
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.
 
Gross margin in the fourth quarter of 2021 was 47.8%, up from 43.2% in the same period of 2020. Non-GAAP gross margin, which excludes stock-based compensation, was 47.9%, versus 43.3% in 2020. Gross margin exceeded the high end of the range of 40% to 45% set forth 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 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.

- 3 -

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.
 
Conference Call Details
 
A conference call to discuss results will be held on Friday, February 25, 2021, at 8:00 a.m. Eastern Time (9:00 p.m. China Time). Dial-in details for the call are as follows. Please reference conference ID 9396606.

 
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
 

A recording of the webcast will be available on the investor page of the ACM website at www.acmrcsh.com for one week following the call.
 
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 EPS 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 Non-GAAP to 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 the second, third and fourth paragraphs of this press release, under the heading “Outlook” above, and in the fifth bullet under “Operating Highlights and Recent Announcements” above are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the intent, belief and current expectations with respect to: the demand for ACM’s tools, including specifically in fiscal year 2022; the expansion in 2022 of ACM’s product offering, production capacity and base of major customers; and the timing and ability of ACM to secure orders from new customers.  Those statement are expectations only, reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the following, any of which could be exacerbated even further by the continuing COVID-19 outbreak in China and globally: anticipated customer orders or identified market opportunities may not grow or develop as anticipated; customer orders already received may be postponed or canceled; ACM may be unable to obtain the qualification and acceptance of its delivered tools when anticipated or at all, which would delay or preclude ACM’s recognition of revenue from the sale of those tools; suppliers may not be able to meet ACM’s demands on a timely basis; ACM’s technologies and tools may not gain market acceptance; ACM may be unable to compete effectively by, among other things, enhancing its existing tools, adding additional production capacity and engaging additional major customers; volatile global economic, market, industry and other conditions could result in sharply lower demand for products containing semiconductors and for the Company's products and in disruption of capital and credit markets; trade regulations, currency fluctuations, political instability and war may materially adversely affect ACM due to its substantial non-U.S. customer and supplier base and its substantial non-U.S. manufacturing operations. ACM cannot guarantee any future results, levels of activity, performance or achievements.  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  regarding these forward-looking statements or the occurrence of unanticipated events.

- 4 -

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. 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. SAPS, 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

- 5 -

ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets
   
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
 

- 6 -

ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
 
   
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
 

- 7 -

ACM RESEARCH, INC.
Total Revenue by Product Category, by Equipment Type and by Region
 
`
 
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
 

- 8 -

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 non-cash change in fair value of financial liabilities and unrealized gain on trading securities. The following table reconciles 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,
 
   
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
 


- 9 -


The following information was filed by Acm Research, Inc. (ACMR) on Friday, February 25, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Acm Research, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Operations And Comprehensive Income
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Common Stock
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Description Of Business
Description Of Business (Details)
Description Of Business (Tables)
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Financial Liability Carried At Fair Value (Details)
Financial Liability Carried At Fair Value (Tables)
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Income Taxes (Details)
Income Taxes (Tables)
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Inventories (Tables)
Land Use Right, Net
Land Use Right, Net (Details)
Land Use Right, Net (Tables)
Leases
Leases (Details)
Leases (Tables)
Long-Term Borrowings
Long-Term Borrowings (Details)
Long-Term Borrowings (Tables)
Long-Term Investment
Long-Term Investment (Details)
Long-Term Investment (Tables)
Other Long-Term Assets
Other Long-Term Assets (Details)
Other Long-Term Assets (Tables)
Other Long-Term Liabilities
Other Long-Term Liabilities (Details)
Other Long-Term Liabilities (Tables)
Other Payable And Accrued Expenses
Other Payable And Accrued Expenses (Details)
Other Payable And Accrued Expenses (Tables)
Parent Company Only Condensed Financial Information
Parent Company Only Condensed Financial Information (Tables)
Parent Company Only Condensed Financial Information, Condensed Balance Sheet (Details)
Parent Company Only Condensed Financial Information, Condensed Statement Of Cash Flows (Details)
Parent Company Only Condensed Financial Information, Condensed Statement Of Operations (Details)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (Details)
Property, Plant And Equipment, Net (Tables)
Redeemable Non-Controlling Interests
Redeemable Non-Controlling Interests (Details)
Redeemable Non-Controlling Interests (Tables)
Related Party Balances And Transactions
Related Party Balances And Transactions (Details)
Related Party Balances And Transactions (Tables)
Restricted Net Assets
Restricted Net Assets (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Tables)
Segment Information
Segment Information (Details)
Short-Term Borrowings
Short-Term Borrowings (Details)
Short-Term Borrowings (Tables)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation, Assumptions Used To Determine Fair Value Of Share Options Granted (Details)
Stock-Based Compensation, Share Option Activities (Details)
Stock-Based Compensation, Stock-Based Compensation Expense (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies, Accounts Receivable (Details)
Summary Of Significant Accounting Policies, Basic And Diluted Net Income Per Common Share (Details)
Summary Of Significant Accounting Policies, Comprehensive Income Attributable To The Company (Details)
Summary Of Significant Accounting Policies, Government Subsidies (Details)
Summary Of Significant Accounting Policies, Intangible Assets, Net (Details)
Summary Of Significant Accounting Policies, Inventory (Details)
Summary Of Significant Accounting Policies, Land Use Rights, Net (Details)
Summary Of Significant Accounting Policies, Operating And Financial Risks (Details)
Summary Of Significant Accounting Policies, Property, Plant And Equipment, Net (Details)
Summary Of Significant Accounting Policies, Restricted Cash (Details)
Summary Of Significant Accounting Policies, Shipping And Handling Costs (Details)
Summary Of Significant Accounting Policies, Statutory Reserves (Details)
Summary Of Significant Accounting Policies, Warranty (Details)
Trading Securities
Trading Securities (Details)
Trading Securities (Tables)
Ticker: ACMR
CIK: 1680062
Form Type: 10-K Annual Report
Accession Number: 0001140361-22-007348
Submitted to the SEC: Tue Mar 01 2022 4:32:19 PM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Friday, December 31, 2021
Industry: Special Industry Machinery

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