Acm Research, Inc. · NASDAQ:ACMR
Acm Research — Q2 2021 Earnings Presentation
13 slides from Acm Research's earnings presentation, Aug 6, 2021
Slide 1: Supplemental Investor Presentation – Earnings Release Second Quarter 2021
Supplemental Investor Presentation Earnings Release – Second Quarter 2021 August 6, 2021
Slide 2: Forward-Looking Statements
Forward-Looking Statements. Information presented below under “Q2 2021 Highlights and Recent Announcements” with respect to the demand for ACM’s tools and the expansion in 20201 of ACM’s production capacity and under “2021 Outlook” with respect to revenue projected to be generated in 2021 is a forwa
Slide 3: Q2 2021 Highlights and Recent Announcements
Q2 2021 Highlights and Recent Announcements • Strong Q2 Results: $53.9 million revenue, up 37.9% from Q2 2020; total shipments of $82 million 40.2% GAAP gross margin and 8.0% GAAP operating margin 40.5% non-GAAP gross margin and 10.5% non-GAAP operating margin Fully diluted GAAP EPS of $0.30
Slide 4: Q2 2021 Revenue Detail
Q2 2021 Revenue Detail ` Three Months Ended June 30, S ix Months Ended June 30, 2021 2020 2021 2020 Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment $ 45,461 $ 33,340 $ 77,874 $ 56,124 ECP (front-end and packaging), Furnace and Other Technologies - 4,490 5,550 4,490 Advanced Packagi
Slide 5: 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 6: Shanghai Manufacturing Facilities – Existing and Planned
Shanghai Manufacturing Facilities – Existing and Planned Factory #1 (Shanghai HQ) Facility #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
Slide 7: 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 8: 2021 Outlook
2021 Outlook • Updated 2021 revenue guidance of $225 to $240 million 48.4% year-over-year growth at the mid-point • Outlook assumes: Improvement with respect to global COVID-19 pandemic Stability in U.S. and China trade policies Various spending scenarios for production ramp of key customers
Slide 9: Q2 2021 Financial Results
Q2 2021 Financial Results $ Millions Revenue Gross Profit 40.2% 40.5% 49.6% 49.7% Operating Income Balance Sheet Data* 18.8% 21.0% 10.5% 8.0% * Finished goods inventory represents ‘demo-to-sales’ product which have been delivered to customers for evaluation. These products are carried at cost until
Slide 10: 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 11: GAAP to Non-GAAP Reconciliation (1)
GAAP to Non-GAAP Reconciliation (1) 2018 2019 2020 3 months Ended 6/30/2021 3 months Ended 6/30/2020 GAAP Income from Operations $6.5 $17.8 $21.5 $4.3 $7.3 Plus: Stock-based Compensation $3.4 $3.6 $5.6 $1.3 $0.9 Adjusted Income from Operations $9.8 $21.4 $27.1 $5.7 $8.2 GAAP Net Income $6.6 $19.5 $2
Slide 12: GAAP to Non-GAAP Reconciliation (2)
GAAP to Non-GAAP Reconciliation (2) Three Months Ended June 30, 2021 2020 Other non- Other non- Actual Adjusted Actual Adjusted SBC operating SBC operating adjustments adjustments (GAAP) (Non-GAAP) (GAAP) (Non-GAAP) ($ in thousands) Revenue $ 53,864 $ - $ - $ 53,864 $ 39,049 $ - $ - $ 39,049 Cost of
Slide 13: GAAP to Non-GAAP Reconciliation (3)
GAAP to Non-GAAP Reconciliation (3) Six Months Ended June 30, 2021 2020 Actual Other non- Adjusted Actual Other non- Adjusted SBC operating SBC operating (GAAP) adjustments (Non-GAAP) (GAAP) adjustments (Non-GAAP) ($ in thousands) Revenue $ 97,596 $ - $ - $ 97,596 $ 63,397 $ - $ - $ 63,397 Cost of r