Acm Research, Inc. · NASDAQ:ACMR
Acm Research — Q1 2023 Earnings Presentation
12 slides from Acm Research's earnings presentation, May 5, 2023
Slide 1: Supplemental Investor Presentation: Earnings Release – First Quarter 2023
Supplemental Investor Presentation Earnings Release – First Quarter 2023 May 5, 2023
Slide 2: Forward-Looking Statements
Forward-Looking Statements. Certain statements contained in this presentation are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and simila
Slide 3: Q1 2023 Summary
Q1 2023 Summary Q1 2023 Financial Results • $74.3 million revenue (up 76.0%); total shipments of $89.0 million (up 33.0%) • 53.8% GAAP gross margin (versus 46.7% in Q1 2022) • 54.0% non-GAAP gross margin (versus 46.9% in Q1 2022) • $8.9 million GAAP operating income (11.9% of revenue) • $10.9 millio
Slide 4: Q1 2023 Revenue Details
Q1 2023 Revenue Details Product Category1,2,3 Cleaning • $36.6M revenue (up 41%) $74.3M • Revenue mix 49% vs. 62% 76.0% 15% Advanced Packaging & Other ECP, Furnace & Other 36% ECP, Furnace & Other • $26.6M revenue (up 117%) $42.2M 9% • Revenue mix 36% vs. 29% 29% Advanced Packaging & Other 49% Clean
Slide 5: Tier One Customer Base
Tier One Customer Base Front-End Customers Back-End Customers • Mainland China’s largest foundry • Leading advanced foundry in China • Tier-one customers include Qualcomm, • Major new entrant into NAND flash and • Largest bumping house in China and • ACM 2022 Revenue %: 18% (primarily Broadcom and T
Slide 6: Shanghai Facilities
Shanghai Facilities ACM Shanghai HQ and R&D Center Chuansha Production Facilities Lingang R&D and Production Center • ACM Shanghai Headquarters and China R&D • Located in Chuansha area of Pudong district, • Construction in progress for R&D and Center approximately 11 miles from ACM Shanghai’s produc
Slide 7: Innovative Product Introductions Expanding Serviceable Available Market (SAM)
Innovative Product Introductions Expanding Serviceable Available Market (“SAM”)1 PECVD | $4.2B Introduced late 2022 Track | $2.6B Introduced late 2022 Estimated 2022 SAM of $16 billion addressed by 2020: Furnace, ACM’s current product LPCVD, Vacuum Anneal, High- Furnace | $3.2B portfolio Temperature
Slide 8: Internal Longer-Term Target for $1B+ in Revenue
Internal Longer-Term Target for $1B+ in Revenue Advanced Packaging & Other >$1,000M* ECP, Furnace & Other Longer Term Target Composition Cleaning ACM Research 1 Mainland China SAM Share Revenue Cleaning $0.7B 55% $0.4B ECP $0.2B 50% $0.1B Furnace $0.5B 35% $0.2B $550M PECVD $0.7B 15% $0.1B Track $0.
Slide 9: 2023 Outlook
2023 Outlook • Maintain 2023 revenue guidance of $515 to $585 million • Outlook reflects, among other things: • Current assessment of continuing impact from U.S.-China trade policy • Various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for fir
Slide 10: Q1 2023 Financial Results
Q1 2023 Financial Results Revenue Non-GAAP Gross Profit +76.0% $74.3M +102.6% $40.1M $42.2M $19.8M 54.0% 46.9% Q1‘22 Q1’23 Q1‘22 Q1’23 EPS Balance Sheet Finished goods inventory GAAP Non-GAAP Ending cash & cash equivalents 1 $0.11 $0.15 $533M $469M $473M $421M $382M $196M $107M $103M $109M $147M ($0
Slide 11: Appendix
Appendix
Slide 12: Q1 2023 GAAP to Non-GAAP Reconciliation
Q1 2023 GAAP to Non-GAAP Reconciliation Three Months Ended March 31, 2023 2022 Actual Other non- Adjusted Actual Other non- Adjusted SBC operating SBC operating (GAAP) adjustments (Non-GAAP) (GAAP) adjustments (Non-GAAP) (In thousands) Revenue $ 74,256 $ - $ - $ 74,256 $ 42,186 $ - $ - $ 42,186 Cost