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|
Three Months
Ended June 30,
|
|||
|
GAAP
|
Non-GAAP(1)
|
||
|
2019
|
2018
|
2019
|
2018
|
|
(dollars in
thousands)
|
|||
Revenue
|
$29,010
|
$20,873
|
$29,010
|
$20,873
|
Gross
margin
|
45.3%
|
41.8%
|
45.4%
|
41.8%
|
Income from
operations
|
$4,661
|
$2,331
|
$5,279
|
$2,515
|
Net
income
|
$4,311
|
$3,215
|
$4,929
|
$3,399
|
Basic
EPS
|
$0.27
|
$0.20
|
$0.31
|
$0.21
|
Diluted
EPS
|
$0.23
|
$0.18
|
$0.26
|
$0.19
|
|
Six Months Ended
June 30,
|
|||
|
GAAP
|
Non-GAAP(1)
|
||
|
2019
|
2018
|
2019
|
2018
|
|
(dollars in
thousands)
|
|||
Revenue
|
$49,489
|
$30,616
|
$49,489
|
$30,616
|
Gross
margin
|
44.4%
|
45.2%
|
44.5%
|
45.3%
|
Income from
operations
|
$6,912
|
$427
|
$8,274
|
$2,787
|
Net
income
|
$6,168
|
$435
|
$7,530
|
$2,795
|
Basic
EPS
|
$0.38
|
$0.03
|
$0.47
|
$0.18
|
Diluted
EPS
|
$0.33
|
$0.02
|
$0.41
|
$0.16
|
Phone
Number
|
Toll-Free
Number
|
|
United
States
|
+1
(845) 675-0437
|
+1
(866) 519-4004
|
Hong
Kong
|
+852
3018 6771
|
+852
8009 06601
|
Mainland
China
|
+86
(800) 819 0121
|
|
|
+86
(400) 620 8038
|
|
Other
International
|
+65
6713 5090
|
|
In the United
States:
|
The
Blueshirt Group
|
|
Ralph
Fong
|
|
+1
(415) 489-2195
|
|
ralph@blueshirtgroup.com
|
|
|
In
China:
|
The
Blueshirt Group Asia
|
|
Gary
Dvorchak, CFA
|
|
+86
(138) 1079-1480
|
|
gary@blueshirtgroup.com
|
|
June
30,
2019
|
December
31,
2018
|
Assets
|
(unaudited)
(in thousands,
except share and per
share
data)
|
|
Current
assets:
|
|
|
Cash
and cash equivalents
|
$27,578
|
$27,124
|
Accounts
receivable, less allowance for doubtful accounts of $0 as of June
30, 2019 and $0 as of December 31, 2018
|
31,393
|
24,608
|
Other
receivables
|
2,388
|
3,547
|
Inventories
|
45,494
|
38,764
|
Prepaid
expenses
|
1,547
|
1,985
|
Total
current assets
|
108,400
|
96,028
|
Property,
plant and equipment, net
|
3,376
|
3,708
|
Operating
lease right-of-use assets, net
|
4,550
|
-
|
Intangible
assets, net
|
307
|
274
|
Deferred
tax assets
|
1,635
|
1,637
|
Long-term
investments
|
1,738
|
1,360
|
Other
long-term assets
|
263
|
40
|
Total
assets
|
120,269
|
103,047
|
Liabilities and Stockholders’ Equity
|
|
|
Current
liabilities:
|
|
|
Short-term
borrowings
|
15,110
|
9,447
|
Accounts
payable
|
18,238
|
16,673
|
Advances
from customers
|
5,684
|
8,417
|
Income
taxes payable
|
1,016
|
1,193
|
Other
payables and accrued expenses
|
11,993
|
10,410
|
Current
portion of operating lease liability
|
1,360
|
-
|
Total
current liabilities
|
53,401
|
46,140
|
Long-term
operating lease liability
|
3,190
|
-
|
Other
long-term liabilities
|
3,963
|
4,583
|
Total
liabilities
|
60,554
|
50,723
|
Commitments and contingencies
|
|
|
Stockholders’
equity:
|
|
|
Common
stock – Class A, par value $0.0001: 50,000,000 shares
authorized as of June 30, 2019 and December 31, 2018. 14,229,942
shares issued and outstanding as of June 30, 2019 and 14,110,315
shares issued and outstanding as of December 31,
2018
|
1
|
1
|
Common
stock–Class B, par value $0.0001: 2,409,738 shares authorized
as of June 30, 2019 and December 31, 2018. 1,883,423 shares issued
and outstanding as of June 30, 2019 and 1,898,423 shares issued and
outstanding as of December 31, 2018
|
-
|
-
|
Additional
paid in capital
|
58,101
|
56,567
|
Accumulated
surplus (deficit)
|
2,781
|
(3,387)
|
Accumulated
other comprehensive loss
|
(1,168)
|
(857)
|
Total
stockholders’ equity
|
59,715
|
52,324
|
Total
liabilities and stockholders’ equity
|
$120,269
|
$103,047
|
|
Three Months
Ended June 30,
|
Six Months Ended
June 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
|
(In thousands,
except share and per
share data)
|
(Unaudited)
(in
thousands, except share and per
share
data)
|
||
Revenue
|
$29,010
|
$20,873
|
$49,489
|
$30,616
|
Cost of revenue
|
15,879
|
12,149
|
27,532
|
16,770
|
Gross profit
|
13,131
|
8,724
|
21,957
|
13,846
|
Operating expenses:
|
|
|
|
|
Sales and marketing
|
2,924
|
2,682
|
4,793
|
4,537
|
Research and development
|
3,341
|
2,419
|
6,106
|
3,960
|
General and administrative
|
2,205
|
1,292
|
4,146
|
4,922
|
Total operating expenses, net
|
8,470
|
6,393
|
15,045
|
13,419
|
Income
from operations
|
4,661
|
2,331
|
6,912
|
427
|
Interest income
|
24
|
14
|
33
|
17
|
Interest expense
|
(194)
|
(149)
|
(333)
|
(252)
|
Other
income, net
|
543
|
1,066
|
282
|
311
|
Equity income in net income of affiliates
|
153
|
117
|
269
|
118
|
Income before income taxes
|
5,187
|
3,379
|
7,163
|
621
|
Income tax expense
|
(876)
|
(164)
|
(995)
|
(186)
|
Net
income
|
$4,311
|
$3,215
|
$6,168
|
$435
|
Comprehensive income:
|
|
|
|
|
Net income
|
4,311
|
3,215
|
6,168
|
435
|
Foreign currency translation adjustment
|
(968)
|
(1,036)
|
(311)
|
(331)
|
Total comprehensive
income
|
$3,343
|
$2,179
|
$5,857
|
$104
|
|
|
|
|
|
Net income
attributable to ACM Reasearch, Inc.
per common share:
|
|
|
|
|
Basic
|
$0.27
|
$0.20
|
$0.38
|
$0.03
|
Diluted
|
$0.23
|
$0.18
|
$0.33
|
$0.02
|
|
|
|
|
|
Weighted
average common shares outstanding used in computing per share amounts:
|
|
|
||
Basic
|
16,090,937
|
15,838,540
|
16,067,924
|
15,611,863
|
Diluted
|
18,604,347
|
18,119,733
|
18,455,534
|
17,669,650
|
|
Three
Months Ended June 30,
|
|||||
|
2019
|
2018
|
||||
|
Actual
(GAAP)
|
SBC
|
Adjusted
(Non-GAAP)
|
Actual
(GAAP)
|
SBC
|
Adjusted
(Non-GAAP)
|
|
(in
thousands)
|
|||||
Revenue
|
$29,010
|
$-
|
$29,010
|
$20,873
|
$-
|
$20,873
|
Cost of revenue
|
(15,879)
|
(29)
|
(15,850)
|
(12,149)
|
(11)
|
(12,138)
|
Gross profit
|
13,131
|
(29)
|
13,160
|
8,724
|
(11)
|
8,735
|
Operating expenses:
|
|
|
|
|
|
|
Sales and marketing
|
(2,924)
|
(46)
|
(2,878)
|
(2,682)
|
(39)
|
(2,643)
|
Research and development
|
(3,341)
|
(94)
|
(3,247)
|
(2,419)
|
(40)
|
(2,379)
|
General and administrative
|
(2,205)
|
(449)
|
(1,756)
|
(1,292)
|
(94)
|
(1,198)
|
Income (loss) from operations
|
$4,661
|
$(618)
|
$5,279
|
$2,331
|
$(184)
|
$2,515
|
Net Income
|
$4,311
|
$(618)
|
$4,929
|
$3,215
|
$(184)
|
$3,399
|
|
Six Months Ended
June 30,
|
|||||
|
2019
|
2018
|
||||
|
Actual
(GAAP)
|
SBC
|
Adjusted
(Non-GAAP)
|
Actual
(GAAP)
|
SBC
|
Adjusted
(Non-GAAP)
|
|
(in
thousands)
|
|||||
Revenue
|
$49,489
|
$-
|
$49,489
|
$30,616
|
$-
|
$30,616
|
Cost of revenue
|
(27,532)
|
(59)
|
(27,473)
|
(16,770)
|
(19)
|
(16,751)
|
Gross profit
|
21,957
|
(59)
|
22,016
|
13,846
|
(19)
|
13,865
|
Operating expenses:
|
|
|
|
|
|
|
Sales and marketing
|
(4,793)
|
(80)
|
(4,713)
|
(4,537)
|
(73)
|
(4,464)
|
Research and development
|
(6,106)
|
(180)
|
(5,926)
|
(3,960)
|
(67)
|
(3,893)
|
General and administrative
|
(4,146)
|
(1,043)
|
(3,103)
|
(4,922)
|
(2,201)
|
(2,721)
|
Income (loss) from operations
|
$6,912
|
$(1,362)
|
$8,274
|
$427
|
$(2,360)
|
$2,787
|
Net Income
|
$6,168
|
$(1,362)
|
$7,530
|
$435
|
$(2,360)
|
$2,795
|
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