10-Q
Quarterly Report
ACM Research, Inc.
ACMR
NASDAQ
CIK: 1680062
File #: 001-38273
Balance Sheet
105 line items · 2 periods
XBRL
| Item | Jun 30, 2024 | Dec 31, 2023 |
|---|---|---|
Assets | ||
Current assets: | ||
Cash and cash equivalents | 324,031,000 | 182,090,000 |
Restricted cash | 881,000 | 1,083,000 |
Short-term time deposits (note 2) | 27,183,000 | 80,524,000 |
Short-term investments (note 15) | 19,597,000 | 21,312,000 |
Accounts receivable, net (note 4) | 293,499,000 | 283,186,000 |
Nonrelated Party | 53,694,000 | 40,065,000 |
Related Party | 2,756,000 | 2,432,000 |
Ninebell - Related Party | 2,756,000 | 2,432,000 |
Inventories, net (note 5) | 602,927,000 | 545,395,000 |
Prepaid expenses | 18,594,000 | 20,023,000 |
Total current assets | 1,343,162,000 | 1,176,110,000 |
Property, plant and equipment, net (note 6) | 228,731,000 | 201,848,000 |
Land use right, net (note 7) | 8,225,000 | 8,367,000 |
Operating lease right-of-use assets, net (note 11) | 6,252,000 | 7,026,000 |
Intangible assets, net | 2,836,000 | 2,538,000 |
Long-term time deposits (note 2) | 14,656,000 | 40,818,000 |
Deferred tax assets (note 19) | 20,898,000 | 20,271,000 |
Long-term investments (note 14) | 31,898,000 | 27,880,000 |
Ninebell - Equity investee: | 5,923,000 | 5,632,000 |
Wooil - Equity investee: | 975,000 | 1,003,000 |
Shengyi - Equity investee: | 2,257,000 | 1,693,000 |
Hefei Shixi - Equity investee: | 6,469,000 | 9,174,000 |
Company D - Equity investee: | 4,209,000 | 0 |
Equity investee: | 19,833,000 | 17,502,000 |
Waferworks - Investments accounted for using measurement alternative: | 0 | 1,412,000 |
Shengyi - Investments accounted for using measurement alternative: | 852,000 | 857,000 |
Company A - Investments accounted for using measurement alternative: | 4,209,000 | 4,236,000 |
Company B - Investments accounted for using measurement alternative: | 926,000 | 932,000 |
Company C - Investments accounted for using measurement alternative: | 1,754,000 | 0 |
Company E - Investments accounted for using measurement alternative: | 1,403,000 | 0 |
Other - Investments accounted for using measurement alternative: | 2,921,000 | 2,941,000 |
Subtotal measurement alternative - Investments accounted for using measurement alternative: | 12,065,000 | 10,378,000 |
Investments accounted for using measurement alternative: | 31,898,000 | 27,880,000 |
Other long-term assets (note 8) | 10,917,000 | 6,050,000 |
Total assets | 1,667,575,000 | 1,490,908,000 |
Liabilities and Equity | ||
Current liabilities: | ||
Short-term borrowings (note 9) | 54,439,000 | 31,335,000 |
Line of Credit, due on August 29, 2024 with an annual interest rate of 3.00% | 2,449,000 | 2,463,000 |
Line of Credit, due on September 7, 2024 with an annual interest rate of 2.87% | 5,616,000 | 5,648,000 |
Line of Credit, China Merchants Bank, due on August 7, 2024 with an annual interest rate of 3.00% | 1,264,000 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 8, 2024 with an annual interest rate of 3.00% | 1,264,000 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 9, 2024 with an annual interest rate of 3.00% | 1,264,000 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 14, 2024 with an annual interest rate of 3.00% | 1,264,000 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 17, 2024 with an annual interest rate of 3.00% | 1,264,000 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 20, 2024 with an annual interest rate of 3.00% | 1,264,000 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 21, 2024 with an annual interest rate of 3.00% | 1,264,000 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 22, 2024 with an annual interest rate of 3.00% | 1,264,000 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 24, 2024 with an annual interest rate of 3.00% | 1,264,000 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 27, 2024 with an annual interest rate of 3.00% | 1,264,000 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 29, 2024 with an annual interest rate of 3.00% | 1,264,000 | 1,271,000 |
Line of Credit, China Merchants Bank, due on August 30, 2024 with an annual interest rate of 3.00% | 1,264,000 | 1,271,000 |
Line of Credit, China Merchants Bank, due on September 3, 2024 with an annual interest rate of 3.00% | 1,264,000 | 1,271,000 |
Line of Credit, China Merchants Bank, due on September 5, 2024 with an annual interest rate of 3.00% | 1,264,000 | 1,270,000 |
Line of Credit, China Merchants Bank, due on September 6, 2024 with an annual interest rate of 3.00% | 1,263,000 | 1,270,000 |
Line of Credit, China Merchants Bank, due on September 10, 2024 with an annual interest rate of 3.00% | 1,263,000 | 1,270,000 |
Line of Credit, China Merchants Bank, due on September 12, 2024 with an annual interest rate of 3.00% | 1,263,000 | 1,270,000 |
Line Of Credit, China Merchants Bank, Due On February 27, 2025 With An Annual Interest Rate Of 2.60% | 1,333,000 | 0 |
Line Of Credit, China Merchants Bank, Due On February 28, 2025 With An Annual Interest Rate Of 2.60% | 1,333,000 | 0 |
Line Of Credit, China Merchants Bank, Due On March 1, 2025 With An Annual Interest Rate Of 2.60% | 1,333,000 | 0 |
Line Of Credit, China Merchants Bank, Due On March 5, 2025 With An Annual Interest Rate Of 2.60% | 1,333,000 | 0 |
Line Of Credit, China Merchants Bank, Due On March 8, 2025 With An Annual Interest Rate Of 2.60% | 1,263,000 | 0 |
Line Of Credit, Bank Of China, Due On March 20, 2025 With An Annual Interest Rate Of 2.75% | 16,848,000 | 0 |
Line Of Credit Due On July 12, 2024 With An Annual Interest Rate Of 6.03% | 0 | 77,000 |
Line Of Credit Due On December 15, 2024 With An Annual Interest Rate Of 4.29% | 1,446,000 | 1,544,000 |
Current portion of long-term borrowings (note 12) | 19,671,000 | 6,783,000 |
Nonrelated Party | 142,418,000 | 141,814,000 |
Related Party | 18,012,000 | 11,407,000 |
Ninebell - Related Party | 12,247,000 | 7,624,000 |
Shengyi - Related Party | 5,765,000 | 3,783,000 |
Advances from customers (note 3) | 205,609,000 | 181,368,000 |
Deferred revenue (note 3) | 5,279,000 | 3,687,000 |
Income taxes payable (note 19) | 11,136,000 | 6,401,000 |
FIN-48 payable (note 19) | 12,093,000 | 12,149,000 |
Other payables and accrued expenses (note 10) | 114,940,000 | 102,951,000 |
Current portion of operating lease liabilities (note 11) | 2,573,000 | 2,764,000 |
Total current liabilities | 586,170,000 | 500,659,000 |
Long-term borrowings (note 12) | 70,833,000 | 53,952,000 |
Long-term operating lease liabilities (note 11) | 3,679,000 | 4,262,000 |
Other long-term liabilities (note 13) | 5,505,000 | 5,873,000 |
Subsidies commenced in 2020 and prior | 769,000 | 1,107,000 |
Subsidies to SW Lingang R&D development commenced in 2021 | 3,433,000 | 3,467,000 |
Other | 1,303,000 | 1,299,000 |
Total liabilities | 666,187,000 | 564,746,000 |
Equity: | ||
Class A Common Stock | 6,000 | 6,000 |
Common Stock Class B | 1,000 | 1,000 |
Additional paid-in capital | 659,462,000 | 629,845,000 |
Retained earnings | 198,470,000 | 156,827,000 |
Statutory surplus reserve (note 22) | 30,060,000 | 30,060,000 |
ACM Research (Shanghai), Inc. ("ACM Shanghai") | 30,060,000 | 30,060,000 |
Accumulated other comprehensive loss | (54,830,000) | (49,349,000) |
Total ACM Research, Inc. stockholders’ equity | 833,169,000 | 767,390,000 |
Non-controlling interests | 168,219,000 | 158,772,000 |
Total equity | 1,001,388,000 | 926,162,000 |
Class A Common Stock - Common Stock | 6,000 | 6,000 |
Common Stock Class B - Common Stock | 1,000 | 1,000 |
Additional Paid- in Capital | 659,462,000 | 629,845,000 |
Retained Earnings | 198,470,000 | 156,827,000 |
Statutory Surplus Reserve | 30,060,000 | 30,060,000 |
Accumulated Other Comprehensive Income (Loss) | (54,830,000) | (49,349,000) |
Non-controlling Interests | 168,219,000 | 158,772,000 |
Total liabilities and equity | 1,667,575,000 | 1,490,908,000 |