Acm Research, Inc. · NASDAQ:ACMR
Acm Research — Investor Presentation (March 2021)
18 slides from Acm Research's investor presentation, March 2021
Slide 1: Advanced Wet-Cleaning Tools for Leading Edge IC Fabs
Advanced Wet-Cleaning Tools for Leading Edge IC Fabs March 2021
Slide 2: Market Data and Non-GAAP Notes
Market Data. Information presented below under “Who is ACM Research?” and “Investment Highlights” concerning ACM Research’s total addressable market presents a forecast based on information provided by Gartner, Inc. in its report “Forecast: Semiconductor Wafer Fab Equipment, Worldwide, 4Q20 Update”
Slide 3: Who is ACM Research?
Who is ACM Research? Mission Statement: To Become a Leading Global Provider of Semiconductor Capital Equipment • Best-in-class semiconductor wafer cleaning tools providing higher Clean yields and better efficiency at advanced fabs than conventional wafer SAPS TEBO Ultra – C Tahoe cleaning tools • Di
Slide 4: 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 5: ACM Flagship Cleaning Products
ACM Flagship Cleaning Products Innovative, patent-protected tools address critical challenges in leading edge IC manufacturing SAPS TEBO Ultra – C Tahoe Megasonic Cleaning for Bubble Oscillation Cleaning for Hybrid Wafer Cleaning With Significant Flat and Patterned Wafer Patterned Wafers at Advanced
Slide 6: Innovation and Product Introductions Expanding Addressable Market
Innovation and Product Introductions Expanding Addressable Market ACM estimates that its current product offerings address a $5 billion market opportunity Future Products World-class R&D team SFP, ECP, focused on innovation Semi-Critical, Addressable Furnace (2020) Market Tahoe (2018) TEBO (2016) SA
Slide 7: Shanghai Manufacturing Facilities – Existing and Planned
Shanghai Manufacturing Facilities – Existing and Planned Factory #1 (Shanghai HQ) Facility #2 Lingang Under Construction • Original ACM factory • Second factory; opened in September 2018 • Broke ground on the new R&D and production facilities in Lingang region of • 36,000 sq. ft. facility • 100,000
Slide 8: Well-Positioned to Participate in Asia Fab Investments
Well-Positioned to Participate in Asia Fab Investments Semiconductor Industry Development ($ in billions) New Facilities and Industry Center Shifts China is the Fastest Production Lines Starting Through the Decades(1) Growing Geography(2) Operation (2017-2020)(1) Rank Country or 2020 16-'20 Region S
Slide 9: Growth Strategy
Growth Strategy 111 Selective Acquisitions 111 Add New Customers • Use M&A to broaden product Continue to111 Build Scale in portfolio, add complementary Asia • Megasonic approaches SAPS, technologies and increase New Product Introductions TEBO, Tahoe and ECP a driving access to the global market Inc
Slide 10: History of Innovation & Customer Adoption
History of Innovation & Customer Adoption Launched Tahoe & ECP SFP, Vertical YMTC, SMIC, SK Hynix Major TEBO Demo Unit 2nd Factory First Tools Furnace and Founded in and HLMC Evaluation SAPS Orders to HLMC; Expands New DRAM Semi-critical Silicon Valley Placed SAPS Begins From SK Hynix Revenue in 4Q1
Slide 11: Q4 and 2020 Highlights
Q4 and 2020 Highlights • 2020 Financial Highlights: $156.6 million revenue, up 45.7% from 2019 44.4% GAAP gross margin and 13.7% GAAP operating margin 44.5% non-GAAP gross margin and 17.3% non-GAAP operating margin Ended 2020 with $72 million of cash, and an additional $28 million reflecting
Slide 12: 2020 Financial Results
2020 Financial Results $ Millions Revenue Gross Profit 44.4% 44.5% 47.3% 47.1% Operating Income Balance Sheet Data* 17.3% 13.7% 19.9% 16.5% * Finished goods inventory represents ‘demo-to-sales’ product which have been delivered to customers for evaluation. These products are carried at cost until ow
Slide 13: Q4 2020 Financial Results
Q4 2020 Financial Results $ Millions Revenue Gross Profit 43.3% 43.2% 50.6% 50.7% Operating Income Balance Sheet Data* 14.8% 11.9% 18.3% 15.6% * Finished goods inventory represents ‘demo-to-sales’ product which have been delivered to customers for evaluation. These products are carried at cost until
Slide 14: Investment Highlights
Investment Highlights Gaining share in the ~$3B wafer cleaning market (1) Innovative, patent-protected tools address critical challenges in leading-edge IC manufacturing Tier 1 global customer base in DRAM, NAND and foundry / logic New product introductions in 2020 have more than doubled SAM China-b
Slide 15: GAAP to Non-GAAP Reconciliation (1)
GAAP to Non-GAAP Reconciliation (1) ($ in millions) 2017 2018 2019 2020 GAAP Income from Operations $0.7 $6.5 $17.8 $21.5 Plus: Stock-based Compensation $1.6 $3.4 $3.6 $5.6 Adjusted Income from Operations $2.3 $9.8 $21.4 $27.1 GAAP Net Income (Loss) ($0.3) $6.6 $19.5 $21.7 Plus: Interest Expense (In
Slide 16: GAAP to Non-GAAP Reconciliation (2)
GAAP to Non-GAAP Reconciliation (2) Three Months Ended December 31, 2020 2019 Actual Other non- Adjusted Actual Adjusted SBC operating SBC (GAAP) (Non-GAAP) (GAAP) (Non-GAAP) adjustments (In thousands) Revenue $ 45,562 $ - $ - $ 45,562 $ 24,608 $ - $ 24,608 Cost of revenue (25,888) (43) - (25,845) (
Slide 17: GAAP to Non-GAAP Reconciliation (3)
GAAP to Non-GAAP Reconciliation (3) Year Ended December 31, 2020 2019 Actual Other non- Adjusted Actual Adjusted SBC operating SBC (GAAP) adjustments (Non-GAAP) (GAAP) (Non-GAAP) (In thousands) Revenue $ 156,624 $ - $ - $ 156,624 $ 107,524 $ - $ 107,524 Cost of revenue (87,025) (175) - (86,850) (56,
Slide 18: GAAP to Non-GAAP Reconciliation (4)
GAAP to Non-GAAP Reconciliation (4) Ye ar Ende d De ce mbe r 31, 2020 2019 O the r non- Adjuste d Adjuste d Actual ope rating (Non- Actual (Non- (GAAP) SBC adjustme nts GAAP) (GAAP) SBC GAAP) (% of revenue) Revenue 100.0% - - 100.0% 100.0% - 100.0% Cost of revenue (55.6%) 0.1% - (55.5%) (52.9%) 0.2%