Acm Research, Inc. · NASDAQ:ACMR
Acm Research — Q3 2023 Earnings Presentation
12 slides from Acm Research's earnings presentation, Nov 7, 2023
Slide 1: Supplemental Investor Presentation: Earnings Release – Third Quarter 2023
Supplemental Investor Presentation Earnings Release – Third Quarter 2023 November 7, 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: Q3 2023 Summary
Q3 2023 Summary Q3 2023 Financial Results • $168.6 million revenue (up 26.1%); total shipments of $213 million (up 31%) • 52.5% GAAP gross margin (versus 49.3% in Q3 2022) • 52.9% non-GAAP gross margin (versus 49.4% in Q3 2022) • $33.2 million GAAP operating income (19.7% of revenue) • $43.8 million
Slide 4: Q3 and YTD 2023 Revenue Detail
Q3 and YTD 2023 Revenue Detail Revenue by Product: Q3’23 vs Q3’22 Revenue by Product: 9M’23 vs 9M’22 38.2% $387.4M 9% Advanced Packaging & Other 26.1% $168.6M 18% ECP, Furnace & Other 6% Advanced Packaging & Other $280.3M $133.7M 15% ECP, Furnace & Other 9% 7% 20% 18% 73% Cleaning 79% Cleaning 75% 7
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 PECVD $0.7B 15% $0.1B $530M Track $0.
Slide 9: 2023 Outlook
2023 Outlook • Updated 2023 revenue guidance in the range of $520 to $540 million • Outlook reflects, among other things: • Current assessment of continuing impact from international trade policy • Various expected spending scenarios of key customers, supply chain constraints, and the timing of acce
Slide 10: Q3 2023 Financial Results
Q3 2023 Financial Results Revenue Non-GAAP Gross Profit +26.1% +34.8% $168.6M $89.1M $133.7M $66.1M 52.9% 49.4% Q3‘22 Q3’23 Q3‘22 Q3’23 EPS Balance Sheet Finished goods inventory GAAP Non-GAAP Ending cash & cash equivalents 1 $0.39 $0.57 $473M $0.32 $421M $382M $0.42 $376M $326M $196M $222M $147M $1
Slide 11: Appendix
Appendix
Slide 12: Q3 2023 GAAP to Non-GAAP Reconciliation
Q3 2023 GAAP to Non-GAAP Reconciliation Three Months Ended September 30, 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 $ 168,569 $ - $ - $ 168,569 $ 133,709 $ - $ - $ 133,