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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ACM Research Inc | NASDAQ:ACMR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.48 | 1.78% | 27.48 | 27.45 | 27.50 | 27.97 | 27.37 | 27.37 | 499,510 | 17:47:32 |
ACM Research’s President and Chief Executive Officer Dr. David Wang stated, “We delivered solid fourth quarter top-line results, topping off a strong 2017 for us. We achieved our 2017 financial goals with revenue growing 33%. Our success this year was a result of strong execution, differentiated technology, and continued expansion of the customer base. We enter 2018 on a high note with a strengthened leadership position in our targeted segment of the semiconductor manufacturing equipment space. We are optimistic about our business outlook, and look forward to further building upon our success in the years ahead.”
Recent Operating Highlights
Financial Summary
Quarter | Three Months December 31, 2017 | ||||||||||||||
GAAP | Non-GAAP(1) | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Revenue | $ | 17,192 | $ | 14,344 | $ | 17,192 | $ | 14,344 | |||||||
Gross margin(2) | 53.4 | % | 52.9 | % | 53.4 | % | 52.9 | % | |||||||
Income (loss) from operations(2) | $ | 3,764 | $ | 4,266 | $ | 3,695 | $ | 4,456 | |||||||
Net income (loss) attributable to ACM Research, Inc.(2) | $ | 3,384 | $ | 1,223 | $ | 3,315 | $ | 1,413 | |||||||
Year to Date | |||||||||||||||
For the Year Ended December 31, | |||||||||||||||
GAAP | Non-GAAP(1) | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Revenue | $ | 36,506 | $ | 27,371 | $ | 36,506 | $ | 27,371 | |||||||
Gross margin(2) | 47.2 | % | 48.7 | % | 47.2 | % | 48.7 | % | |||||||
Income (loss) from operations(2) | $ | 700 | $ | 3,490 | $ | 2,323 | 3,873 | ||||||||
Net income (loss) attributable to ACM Research, Inc.(2) | $ | (316 | ) | $ | 1,031 | $ | 1,307 | $ | 1,414 |
________________________ (1) Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures.”(2) Non-GAAP financial measures exclude stock-based compensation.
2018 Revenue Outlook
For fiscal year 2018, the Company expects revenue to be approximately $65 million.
Conference Call Details
A conference call to discuss fourth quarter and fiscal year 2017 results will be held today at 8:00 a.m. U.S Eastern Time (9:00 p.m. China Time). Dial-in details for the call are as follows. Please reference conference ID 9376915.
Phone Number | Toll-Free Number | |
United States | +1 (845) 675-0437 | +1 (866) 519-4004 |
Hong Kong | +852 3018 6771 | +852 800906601 |
Mainland China | +86 (800) 819 0121 | |
+86 (400) 620 8038 | ||
Other International | +65 6713 5090 |
A recording of the webcast will be available on the investor page of the ACM Research website at www.acmrcsh.com for one week following the call.
Use of Non-GAAP Financial Measures
ACM Research presents non-GAAP gross margin, operating income and net income (loss) as supplemental measures to GAAP financial measures regarding ACM Research’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM Research does not believe is 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 Research believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM Research 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 Research also believes it is in the best interests of investors for ACM Research to provide this non-GAAP information.
While ACM Research 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 Research’s consolidated financial statements prepared in accordance with GAAP.
Forward-Looking Statements
Information presented above under “Financial Summary—Gross Margin” with respect to the expected range of gross margin for the foreseeable future and under “Fiscal 2018 Revenue Outlook” contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may vary significantly from ACM Research’s expectations based on a number of risks and uncertainties, including but not limited to the following: anticipated customer orders or identified market opportunities may not grow or develop as anticipated; customer orders already received may be postponed or canceled; suppliers may not be able to meet ACM Research’s demands on a timely basis; 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; ACM Research’s failure to successfully manage its operations; and trade regulations, currency fluctuations, political instability and war may materially adversely affect ACM Research due to its substantial non-U.S. customer and supplier base and its substantial non-U.S. manufacturing operations. ACM Research cannot guarantee any future results, levels of activity, performance or achievements. ACM Research expressly disclaims any obligation to update forward-looking statements after the date of this press release.
About ACM Research, Inc.
ACM Research develops, manufactures and sells single-wafer wet cleaning equipment, which semiconductor manufacturers can use in numerous manufacturing steps to remove particles, contaminants and other random defects, and thereby improve product yield, in fabricating advanced integrated circuits.
© ACM Research, Inc. SAPS, TEBO and the ACM Research logo are trademarks of ACM Research, Inc. All rights reserved. Any other trademarks are the property of their respective owners.
For investor and media inquiries, please contact:
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 |
ACM RESEARCH, INC. | ||||||
Condensed Consolidated Balance Sheets | ||||||
December 31, | ||||||
2017 | 2016 | |||||
(in thousands) | ||||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 17,681 | $ | 10,119 | ||
Accounts receivable, less allowance for doubtful accounts of $0 and $0 as of December 31, 2017 and 2016, respectively | 26,762 | 16,026 | ||||
Other receivables | 2,491 | 1,763 | ||||
Inventory | 15,388 | 11,666 | ||||
Prepaid expenses | 546 | 720 | ||||
Other current assets | 46 | 53 | ||||
Total current assets | 62,914 | 40,347 | ||||
Property, plant and equipment, net | 2,340 | 2,262 | ||||
Intangible assets, net | 106 | 17 | ||||
Deferred tax assets | 1,294 | 1,841 | ||||
Investment in equity method affiliates | 1,237 | - | ||||
Total assets | $ | 67,891 | $ | 44,467 | ||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) | ||||||
Current liabilities: | ||||||
Short-term borrowings | $ | 5,095 | $ | 4,761 | ||
Notes payable | 11 | 11 | ||||
Investors’ deposit | - | 2,902 | ||||
Warrant liability | 3,079 | - | ||||
Accounts payable (including amounts due to a related party of $1,925 and $508 at December 31, 2017 and 2016, respectively) | 7,419 | 5,173 | ||||
Advances from customers | 143 | 215 | ||||
Income tax payable | 44 | 44 | ||||
Other payables and accrued expenses (including amounts due to a related-party of $2,024 and $1,883 as of December 31, 2017 and 2016, respectively) | 6,026 | 3,963 | ||||
Total current liabilities | 21,817 | 17,069 | ||||
Other long-term liabilities | 6,217 | 6,879 | ||||
Total liabilities | 28,034 | 23,948 | ||||
Total redeemable convertible preferred stock (note 15) | - | 18,034 | ||||
Total ACM Research, Inc. stockholders’ (deficit) equity | 39,857 | (2,434 | ) | |||
Non-controlling interests | - | 4,919 | ||||
Total stockholders’ equity (deficit) | 39,857 | 2,485 | ||||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity | $ | 67,891 | $ | 44,467 | ||
ACM RESEARCH, INC. | |||||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands, except share and per share data) | |||||||||||||||
Revenue | $ | 17,192 | $ | 14,344 | $ | 36,506 | $ | 27,371 | |||||||
Cost of revenue | 8,020 | 6,761 | 19,281 | 14,042 | |||||||||||
Gross profit | 9,172 | 7,583 | 17,225 | 13,329 | |||||||||||
Operating expenses, net: | |||||||||||||||
Sales and marketing | 1,881 | 1,379 | 5,500 | 3,907 | |||||||||||
Research and development | 2,062 | 960 | 5,138 | 3,259 | |||||||||||
General and administrative | 1,465 | 978 | 5,887 | 2,673 | |||||||||||
Total operating expenses, net | 5,408 | 3,317 | 16,525 | 9,839 | |||||||||||
Income from operations | 3,764 | 4,266 | 700 | 3,490 | |||||||||||
Interest income | 2 | 4 | 9 | 16 | |||||||||||
Interest expense | (80 | ) | (64 | ) | (277 | ) | (181 | ) | |||||||
Equity in net income of affiliates | 16 | - | 37 | - | |||||||||||
Non-operating income (expense), net | (261 | ) | (814 | ) | (792 | ) | (343 | ) | |||||||
Income (loss) before income taxes | 3,441 | 3,392 | (323 | ) | 2,982 | ||||||||||
Income tax benefit (expense) | (76 | ) | (536 | ) | (547 | ) | (595 | ) | |||||||
Net income (loss) | 3,365 | 2,856 | (870 | ) | 2,387 | ||||||||||
Less: Net income (loss) attributable to non-controlling interests | (19 | ) | 1,633 | (554 | ) | 1,356 | |||||||||
Net income (loss) attributable to ACM Research, Inc. | $ | 3,384 | $ | 1,223 | $ | (316 | ) | $ | 1,031 | ||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ | 3,365 | $ | 2,856 | $ | (870 | ) | $ | 2,387 | ||||||
Foreign currency translation adjustment | (21 | ) | (325 | ) | 472 | (522 | ) | ||||||||
Comprehensive income (loss) | 3,344 | 2,531 | (398 | ) | 1,865 | ||||||||||
Less: Comprehensive income (loss) attributable to non‑controlling interests | (22 | ) | 1,512 | (369 | ) | 1,161 | |||||||||
Total comprehensive income (loss) attributable to ACM Research, Inc. | $ | 3,366 | $ | 1,019 | $ | (29 | ) | $ | 704 | ||||||
Net income (loss) per common shares: | |||||||||||||||
Basic | $ | 0.28 | $ | 0.31 | $ | (0.05 | ) | $ | 0.30 | ||||||
Diluted | $ | 0.23 | $ | 0.21 | $ | (0.05 | ) | $ | 0.18 | ||||||
Weighted average common stocks outstanding used in computing per share amounts: | |||||||||||||||
Basic | 12,013,651 | 2,475,654 | 6,865,390 | 2,176,315 | |||||||||||
Diluted | 14,978,998 | 3,713,008 | 6,865,390 | 3,792,137 | |||||||||||
ACM RESEARCH, INC.Reconciliation of GAAP to Non-GAAP Financial Measures
As described under “Use of Non-GAAP Financial Measures” above, ACM Research presents non-GAAP gross margin, operating income and net income (loss) as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line items. The following tables reconcile gross margin, operating income and net income (loss) to the related non-GAAP financial measures:
Three Months Ended December 31, | ||||||||||||||||
2017 | 2016 | |||||||||||||||
Actual | Adjusted | Actual | Adjusted | |||||||||||||
(GAAP) | SBC | (Non-GAAP) | (GAAP) | SBC | (Non-GAAP) | |||||||||||
(in thousands) | ||||||||||||||||
Revenue | $ | 17,192 | $ | - | $ | 17,192 | $ | 14,344 | $ | - | $ | 14,344 | ||||
Cost of revenue | 8,020 | (6 | ) | 8,014 | 6,761 | (3 | ) | 6,758 | ||||||||
Gross profit | 9,172 | (6 | ) | 9,178 | 7,583 | (3 | ) | 7,586 | ||||||||
Operating expenses: | ||||||||||||||||
Sales and marketing | 1,881 | (18 | ) | 1,863 | 1,379 | (1 | ) | 1,378 | ||||||||
Research and development | 2,062 | (12 | ) | 2,050 | 960 | (1 | ) | 959 | ||||||||
General and administrative | 1,465 | 105 | 1,570 | 978 | (185 | ) | 793 | |||||||||
Income (loss) from operations | $ | 3,764 | $ | 69 | $ | 3,695 | $ | 4,266 | $ | (190 | ) | $ | 4,456 | |||
Net income attributable to ACM Research, Inc. | $ | 3,384 | $ | 69 | $ | 3,315 | $ | 1,223 | $ | (190 | ) | $ | 1,413 | |||
Year ended December 31, | ||||||||||||||||
2017 | 2016 | |||||||||||||||
Actual | Adjusted | Actual | Adjusted | |||||||||||||
(GAAP) | SBC | (Non-GAAP) | (GAAP) | SBC | (Non-GAAP) | |||||||||||
(in thousands) | ||||||||||||||||
Revenue | $ | 36,506 | $ | - | $ | 36,506 | $ | 27,371 | $ | - | $ | 27,371 | ||||
Cost of revenue | 19,281 | (21 | ) | 19,260 | 14,042 | (11 | ) | 14,031 | ||||||||
Gross profit | 17,225 | (21 | ) | 17,246 | 13,329 | (11 | ) | 13,340 | ||||||||
Operating expenses: | ||||||||||||||||
Sales and marketing | 5,500 | (53 | ) | 5,447 | 3,907 | (5 | ) | 3,902 | ||||||||
Research and development | 5,138 | (50 | ) | 5,088 | 3,259 | (5 | ) | 3,254 | ||||||||
General and administrative | 5,887 | (1,499 | ) | 4,388 | 2,673 | (362 | ) | 2,311 | ||||||||
Income from operations | $ | 700 | $ | (1,623 | ) | $ | 2,323 | $ | 3,490 | $ | (383 | ) | $ | 3,873 | ||
Net income (loss) attributable to ACM Research, Inc. | $ | (316 | ) | $ | (1,623 | ) | $ | 1,307 | $ | 1,031 | $ | (383 | ) | $ | 1,414 | |
1 Year ACM Research Chart |
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