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The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures: Three Months Ended December 31, 2024 2023 Actual (GAAP) SBC Other non-operating adjustments Adjusted (Non-GAAP) Actual (GAAP) SBC Other non-operating adjustments Adjusted(Non-GAAP) (In thousands) Revenue$223,471 $- $- $223,471 $170,321 $- $- $170,321 Cost of revenue (112,656) (365) - (112,291) (91,245) (568) - (90,677)Gross profit 110,815 (365) - 111,180 79,076 (568) - 79,644 Gross margin 49.6% 0.2% - 49.8% 46.4% 0.3% - 46.8%Operating expenses: Sales and marketing (18,380) (1,907) - (16,473) (9,440) (2,279) - (7,161)Research and development (27,750) (2,030) - (25,720) (32,465) (3,628) - (28,837)General and administrative (20,696) (4,482) - (16,214) (13,797) (6,197) - (7,600)Total operating expenses (66,826) (8,419) - (58,407) (55,702) (12,104) - (43,598)Income (loss) from operations$43,989 $(8,784) $- $52,773 $23,374 $(12,672) $- $36,046 Unrealized gain on short-term investments 2,124 - 2,124 - 1,691 - 1,691 - Net income (loss) attributable to ACM Research, Inc.$31,080 $(8,784) $2,124 $37,740 $17,700 $(12,672) $1,691 $28,681 Basic EPS$0.49 $0.60 $0.29 $0.47 Diluted EPS$0.46 $0.56 $0.26 $0.43 Year Ended December 31, 2024 2023 Actual (GAAP) SBC Other non-operating adjustments Adjusted (Non-GAAP) Actual (GAAP) SBC Other non-operating adjustments Adjusted(Non-GAAP) (In thousands) Revenue$782,118 $- $- $782,118 $557,723 $- $- $557,723 Cost of revenue (390,564) (2,385) - (388,179) (281,508) (1,406) - (280,102)Gross profit 391,554 (2,385) - 393,939 276,215 (1,406) - 277,621 Gross margin 50.1% 0.3% - 50.4% 49.5% 0.3% - 49.8%Operating expenses: Sales and marketing (65,447) (10,552) - (54,895) (47,019) (5,684) - (41,335)Research and development (105,473) (14,112) - (91,361) (92,709) (8,459) - (84,250)General and administrative (69,636) (22,527) - (47,109) (40,648) (11,789) - (28,859)Total operating expenses (240,556) (47,191) - (193,365) (180,376) (25,932) - (154,444)Income (loss) from operations$150,998 $(49,576) $- $200,574 $95,839 $(27,338) $- $123,177 Unrealized gain (loss) on short-term investments 973 - 973 - (2,737) - (2,737) - Net income (loss) attributable to ACM Research, Inc.$103,627 $ (49,576) $973 $152,230 $77,349 $ (27,338) $(2,737) $107,424 Basic EPS$1.67 $2.45 $1.29 $1.79 Diluted EPS$1.53 $2.26 $1.16 $1.
Entity List, we believe the impact on the ability of ACM Research (Shanghai) to produce tools will be manageable, and that we can continue to support our global customer base.” Three Months Ended December 31, GAAP Non-GAAP(1) 2024 2023 2024 2023 (dollars in thousands, except EPS)Revenue$223,471 $170,321 $223,471 $170,321 Gross margin 49.6% 46.4% 49.8% 46.8%Income from operations$43,989 $23,374 $52,773 $36,046 Net income attributable to ACM Research, Inc.$31,080 $17,700 $37,740 $28,681 Basic EPS$0.49 $0.29 $0.60 $0.47 Diluted EPS$0.46 $0.26 $0.56 $0.43 Twelve Months Ended December 31, GAAP Non-GAAP(1) 2024 2023 2024 2023 (dollars in thousands, except EPS)Revenue$782,118 $557,723 $782,118 $557,723 Gross margin 50.1% 49.5% 50.4% 49.8%Income from operations$150,998 $95,839 $200,574 $123,177 Net income attributable to ACM Research, Inc.$103,627 $77,349 $152,230 $107,424 Basic EPS$1.67 $1.29 $2.45 $1.79 Diluted EPS$1.53 $1.16 $2.26 $1.63 (1) Reconciliations to U.S.generally accepted accounting principles ("GAAP”) financial measures from non-GAAP financial measures are presented below under "Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc.and basic and diluted earnings per share, also exclude unrealized gain (loss) on short-term investments.
Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (Unaudited) ( In thousands, except share and per share data) Revenue$223,471 $170,321 $782,118 $557,723 Cost of revenue 112,656 91,245 390,564 281,508 Gross profit 110,815 79,076 391,554 276,215 Operating expenses: Sales and marketing 18,380 9,440 65,447 47,019 Research and development 27,750 32,465 105,473 92,709 General and administrative 20,696 13,797 69,636 40,648 Total operating expenses 66,826 55,702 240,556 180,376 Income from operations 43,989 23,374 150,998 95,839 Interest income 2,813 2,071 9,935 8,354 Interest expense (1,228) (697) (4,151) (2,681)Realized gain from sale of short-term investments 1,344 478 1,788 9,047 Unrealized gain (loss) on short-term investments 2,124 1,691 973 (2,737)Other income (expense), net 7,061 (1,714) 6,334 (1,558)Income from equity method investments 322 6,224 423 9,952 Income before income taxes 56,425 31,427 166,300 116,216 Income tax expense (17,319) (8,129) (35,031) (19,364) Net income 39,106 23,298 131,269 96,852 Less: Net income attributable to non-controlling interests 8,026 5,598 27,642 19,503 Net income attributable to ACM Research, Inc.$31,080 $17,700 $103,627 $77,349 Comprehensive income (loss): Net income 39,106 23,298 131,269 96,852 Foreign currency translation adjustment, net of tax (26,104) 11,214 (15,728) (10,617)Unrealized gain on available-for-sale investments, net of tax 428 - 428 - Comprehensive Income 13,430 34,512 115,969 86,235 Less: Comprehensive income attributable to non-controlling interests$4,909 $5,807 $26,365 $17,689 Comprehensive income (loss) attributable to ACM Research Inc.$8,521 $28,705 $89,604 $68,546 Basic$0.49 $0.29 $1.67 $1.29 Diluted$0.46 $0.26 $1.53 $1.16 Weighted average common shares outstanding used in computing per share amounts: Basic 62,794,259 60,792,349 62,212,569 60,164,670 Diluted 66,518,704 65,911,901 66,237,424 64,870,543 ACM RESEARCH, INC.
