Acm Research, Inc. · NASDAQ:ACMR
Acm Research — Q2 2023 Earnings Presentation
12 slides from Acm Research's earnings presentation, Aug 4, 2023
Slide 1: Supplemental Investor Presentation: Earnings Release – Second Quarter 2023
Supplemental Investor Presentation Earnings Release – Second Quarter 2023 August 4, 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: Q2 2023 Summary
Q2 2023 Summary Q2 2023 Financial Results • $144.6 million revenue (up 38.5%); total shipments of $153 million (up 37%) • 47.5% GAAP gross margin (versus 42.3% in Q2 2022) • 47.6% non-GAAP gross margin (versus 42.4% in Q2 2022) • $30.4 million GAAP operating income (21.0% of revenue) • $32.4 million
Slide 4: Q2 and YTD 2023 Revenue Detail
Q2 and YTD 2023 Revenue Detail Revenue by Product: Q2’23 vs Q2’22 Revenue by Product: 1H’23 vs 1H’22 49.3% $218.8M 11% Advanced Packaging & Other 21% ECP, Furnace & Other 38.5% $144.6M $146.6M 9% Advanced Packaging & Other 10% 13% ECP, Furnace & Other $104.4M 22% 11% 20% 68% Cleaning 78% Cleaning 67
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 range of $515 to $585 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 acceptance
Slide 10: Q2 2023 Financial Results
Q2 2023 Financial Results Revenue Non-GAAP Gross Profit +38.5% $144.6M +55.2% $68.8M $104.4M $44.3M 47.6% 42.4% Q2‘22 Q2’23 Q2‘22 Q2’23 EPS Balance Sheet Finished goods inventory GAAP Non-GAAP Ending cash & cash equivalents 1 $0.41 $0.48 $469M $473M $421M $382M $376M $0.18 $0.22 $196M $147M $169M $1
Slide 11: Appendix
Appendix
Slide 12: Q2 2023 GAAP to Non-GAAP Reconciliation
Q2 2023 GAAP to Non-GAAP Reconciliation Three Months Ended June 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 $ 144,577 $ - $ - $ 144,577 $ 104,395 $ - $ - $ 104,395 C