Acm Research, Inc. · NASDAQ:ACMR
Acm Research — Q3 2022 Earnings Presentation
12 slides from Acm Research's earnings presentation, Nov 4, 2022
Slide 1: Supplemental Investor Presentation – Earnings Release Third Quarter 2022
Supplemental Investor Presentation Earnings Release – Third Quarter 2022 November 4, 2022
Slide 2: Forward-Looking Statements
Forward-Looking Statements. Information presented below under “Q3 2022 Summary” with respect to new product introductions, under “2022 Outlook” with respect to revenue projected to be generated in 2022, under “Shanghai Manufacturing Facilities” with respect to expected commencement of production in
Slide 3: Q3 2022 Summary
Q3 2022 Summary Q3 2022 Financial Results • $133.7 million revenue (up 99.5% from Q3 2021); total shipments of $163 million • 49.3% GAAP gross margin (versus 44.3% in Q3 2021) • 49.4% non-GAAP gross margin (versus 44.5% in Q3 2021) • $31.6 million GAAP operating income (23.7% of revenue) • $33.5 mil
Slide 4: Q3 2022 Financial Results
Q3 2022 Financial Results Revenue Non-GAAP Gross Profit +99.5% +121.9% 49.4% 44.5% Q3 2021 Q3 2022 Q3 2021 Q3 2022 EPS Balance Sheet Data1 GAAP Non-GAAP Finished goods inventory Ending cash & cash equivalents Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 1 Finished goods inventory re
Slide 5: Q3 2022 Revenue Details
Q3 2022 Revenue Details Product Category1,2,3 Cleaning $280.3M • $99.7M revenue (up 102%) 9% Advanced Packaging & Other • Revenue mix 75% vs. 74% 20% ECP, Furnace & Other ECP, Furnace & Other 99.5% $133.7M • $24.5M revenue (up 199%) 7% • Revenue mix 18% vs. 12% 18% 71% Cleaning $67.0M 14% Advanced P
Slide 6: 2022 Outlook
2022 Outlook • Expect 2022 revenue guidance of $365 to $385 million • Outlook reflects, among other things: • Stability with respect to global COVID-19 pandemic • Various spending scenarios for the production ramps of key customers • The absence of unexpected disruptions in the Company’s supply chai
Slide 7: Tier One Customer Base
Tier One Customer Base Front-End Customers Back-End Customers • Major new entrant into NAND flash and • Leading advanced foundry in China • Global market leader in memory (DRAM & • Largest bumping house in China and DRAM industry • Manages first fully automated 300mm NAND) semiconductor products lea
Slide 8: Shanghai Manufacturing Facilities
Shanghai Manufacturing Facilities Factory #1 (Shanghai HQ) Factory #2 Lingang Under Construction • Original ACM factory • Located in Chuansha area of Pudong district, • Broke ground on the new R&D and approximately 11 miles from ACM Shanghai’s production facilities in Lingang region of • 36,000 sq.
Slide 9: Innovative Product Introductions Expanding SAM
Innovative Product Introductions Expanding SAM1 Double Estimated SAM of $8 2022 2 New Current Product billion addressed by Categories SAM ACM’s current and near-term product portfolio1 2020: Furnace, ACM targets to double LPCVD, Vacuum Anneal, High- Furnace | $2.9B its SAM with the Temperature Oxida
Slide 10: Internal Longer-term Working Target of $1B
Internal Longer-term Working Target of $1B Advanced Packaging & Other >$1,000M ECP, Furnace & Other Longer-term Target Assumptions 1 Cleaning ACM Mainland China SAM Share Revenue Cleaning $0.9B 50% $0.5B ECP $0.3B 50% $0.2B Furnace $0.8B 30% $0.2B $385M Ad. Packaging $0.1B Midpoint New Products >$2B
Slide 11: Appendix
Appendix
Slide 12: Q3 2022 GAAP to Non-GAAP Reconciliation
Q3 2022 GAAP to Non-GAAP Reconciliation Three Months Ended September 30, 2022 2021 Actual Other non- Adjusted Actual Other non- Adjusted SBC operating SBC operating (GAAP) adjustments (Non-GAAP) (GAAP) adjustments (Non-GAAP) (In thousands) Revenue $ 133,709 $ - $ - $ 133,709 $ 67,013 $ - $ - $ 67,01