Amkor Technology Reports Financial Results for the Fourth Quarter and Full Year 2020

In this press release, we refer to free cash flow, which is not defined by U.S. GAAP. We define free cash flow as net cash provided by operating activities less payments for property, plant and equipment, plus proceeds from the sale of and insurance recovery for property, plant and equipment, if applicable. We believe free cash flow to be relevant and useful information to our investors because it provides them with additional information in assessing our liquidity, capital resources and financial operating results. Our management uses free cash flow in evaluating our liquidity, and our ability to service debt, and our ability to fund capital expenditures and pay dividends. However, free cash flow has certain limitations, including that it does not represent the residual cash flow available for discretionary expenditures since other, non-discretionary expenditures, such as mandatory debt service, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. This measure should be considered in addition to, and not as a substitute for, or superior to, other measures of liquidity or financial performance prepared in accordance with U.S. GAAP, such as net cash provided by operating activities. Furthermore, our definition of free cash flow may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of free cash flow to U.S. GAAP net cash provided by operating activities.

Non-GAAP Financial Measures Reconciliation:

 

 

 

 

2020

 

 

2019

 

 

(in millions)

Free Cash Flow Data:

 

 

 

Net cash provided by operating activities

$

770

 

 

 

$

564

 

 

Less: Purchases of property, plant and equipment

(553

)

 

 

(472

)

 

Plus: Proceeds from sale of and insurance recovery for property, plant and equipment

4

 

 

 

12

 

 

Free cash flow

$

221

 

 

 

$

104

 

 

AMKOR TECHNOLOGY, INC.
Selected Operating Data

This press release also includes net debt, which is not defined by U.S. GAAP. We define net debt as total debt as reported on the consolidated balance sheet less the sum of cash and cash equivalents, and short term investments. We believe net debt to be relevant and useful information to our investors because it provides them with additional information in assessing our capital structure, financial leverage, and our ability to reduce debt and to fund investing and financing activities. This measure should be considered in addition to, and not as a substitute for, or superior to, total debt, prepared in accordance with U.S. GAAP. Furthermore, our definition of net debt may not be comparable to similarly titled measures reported by other companies.

Non-GAAP Financial Measure Reconciliation:

 

 

 

 

2020

 

 

2019

 

 

(in millions)

Net Debt Data:

 

 

 

Total Debt

$

1,154

 

 

 

$

1,450

 

 

Less: Cash and Cash Equivalents

(698

)

 

 

(895

)

 

Less: Short-term Investments

(134

)

 

 

(6

)

 

Net Debt

$

322

 

 

 

$

549

 

 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

For the Three Months Ended
December 31,

 

For the Year Ended
December 31,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

(In thousands, except per share data)

Net sales

$

1,371,041

 

 

 

$

1,178,464

 

 

 

$

5,050,589

 

 

 

$

4,052,650

 

 

Cost of sales

1,092,540

 

 

 

955,480

 

 

 

4,149,775

 

 

 

3,403,211

 

 

Gross profit

278,501

 

 

 

222,984

 

 

 

900,814

 

 

 

649,439

 

 

Selling, general and administrative

78,219

 

 

 

71,828

 

 

 

302,842

 

 

 

278,631

 

 

Research and development

41,103

 

 

 

32,771

 

 

 

140,727

 

 

 

137,638

 

 

Total operating expenses

119,322

 

 

 

104,599

 

 

 

443,569

 

 

 

416,269

 

 

Operating income

159,179

 

 

 

118,385

 

 

 

457,245

 

 

 

233,170

 

 

Interest expense

14,707

 

 

 

16,673

 

 

 

64,168

 

 

 

71,587

 

 

Other (income) expense, net

4,828

 

 

 

1,132

 

 

 

6,395

 

 

 

1,773

 

 

Total other expense, net

19,535

 

 

 

17,805

 

 

 

70,563

 

 

 

73,360

 

 

Income before taxes

139,644

 

 

 

100,580

 

 

 

386,682

 

 

 

159,810

 

 

Income tax expense

12,679

 

 

 

764

 

 

 

46,183

 

 

 

37,182

 

 

Net income

126,965

 

 

 

99,816

 

 

 

340,499

 

 

 

122,628

 

 

Net income attributable to noncontrolling interests

(291

)

 

 

(669

)

 

 

(2,361

)

 

 

(1,740

)

 

Net income attributable to Amkor

$

126,674

 

 

 

$

99,147

 

 

 

$

338,138

 

 

 

$

120,888

 

 

 

 

 

 

 

 

 

 

Net income attributable to Amkor per common share:

 

 

 

 

 

 

 

Basic

$

0.52

 

 

 

$

0.41

 

 

 

$

1.40

 

 

 

$

0.50

 

 

Diluted

$

0.52

 

 

 

$

0.41

 

 

 

$

1.40

 

 

 

$

0.50

 

 

Shares used in computing per common share amounts:

 

 

 

 

 

 

 

Basic

242,333

 

 

 

240,384

 

 

 

241,509

 

 

 

239,725

 

 

Diluted

243,356

 

 

 

241,146

 

 

 

242,248

 

 

 

240,122

 

 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

December 31,

 

2020

 

 

2019

 

 

(In thousands)

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

698,002

 

 

 

$

894,948

 

 

Restricted cash

1,007

 

 

 

610

 

 

Short-term investments

133,769

 

 

 

6,348

 

 

Accounts receivable, net of allowances

962,643

 

 

 

850,753

 

 

Inventories

297,293

 

 

 

220,602

 

 

Other current assets

40,218

 

 

 

28,272

 

 

Total current assets

2,132,932

 

 

 

2,001,533

 

 

Property, plant and equipment, net

2,566,002

 

 

 

2,404,850

 

 

Operating lease right of use assets

147,236

 

 

 

148,549

 

 

Goodwill

27,325

 

 

 

25,976

 

 

Restricted cash

3,188

 

 

 

2,974

 

 

Other assets

145,628

 

 

 

111,733

 

 

Total assets

$

5,022,311

 

 

 

$

4,695,615

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Short-term borrowings and current portion of long-term debt

$

149,007

 

 

 

$

144,479

 

 

Trade accounts payable

636,434

 

 

 

571,054

 

 

Capital expenditures payable

181,339

 

 

 

77,044

 

 

Accrued expenses

349,207

 

 

 

267,226

 

 

Total current liabilities

1,315,987

 

 

 

1,059,803

 

 

Long-term debt

1,005,339

 

 

 

1,305,755

 

 

Pension and severance obligations

159,610

 

 

 

176,971

 

 

Long-term operating lease liabilities

84,420

 

 

 

91,107

 

 

Other non-current liabilities

102,996

 

 

 

71,740

 

 

Total liabilities

2,668,352

 

 

 

2,705,376

 

 

 

 

 

 

Amkor stockholders’ equity:

 

 

 

Preferred stock

 

 

 

 

 

Common stock

289

 

 

 

287

 

 

Additional paid-in capital

1,953,378

 

 

 

1,927,739

 

 

Retained earnings

562,502

 

 

 

234,077

 

 

Accumulated other comprehensive income

27,270

 

 

 

19,115

 

 

Treasury stock

(217,740

)

 

 

(217,479

)

 

Total Amkor stockholders’ equity

2,325,699

 

 

 

1,963,739

 

 

Noncontrolling interests in subsidiaries

28,260

 

 

 

26,500

 

 

Total equity

2,353,959

 

 

 

1,990,239

 

 

Total liabilities and equity

$

5,022,311

 

 

 

$

4,695,615

 

 

AMKOR TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

For the Year Ended December 31,

 

2020

 

 

2019

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

Net income

$

340,499

 

 

 

$

122,628

 

 

Depreciation and amortization

510,396

 

 

 

524,177

 

 

Other operating activities and non-cash items

12,594

 

 

 

42,935

 

 

Changes in assets and liabilities

(93,456

)

 

 

(125,890

)

 

Net cash provided by operating activities

770,033

 

 

 

563,850

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Payments for property, plant and equipment

(553,021

)

 

 

(472,433

)

 

Proceeds from sale of property, plant and equipment

3,819

 

 

 

10,117

 

 

Proceeds from insurance recovery for property, plant and equipment

 

 

 

1,538

 

 

Payments for short-term investments

(535,368

)

 

 

(5,935

)

 

Proceeds from sale of short-term investments

247,081

 

 

 

 

 

Proceeds from maturities of short-term investments

159,015

 

 

 

6,469

 

 

Other investing activities

39,769

 

 

 

(2,245

)

 

Net cash used in investing activities

(638,705

)

 

 

(462,489

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

Proceeds from revolving credit facilities

312,000

 

 

 

272,700

 

 

Payments of revolving credit facilities

(332,000

)

 

 

(272,700

)

 

Proceeds from short-term debt

86,769

 

 

 

51,434

 

 

Payments of short-term debt

(87,353

)

 

 

(52,635

)

 

Proceeds from issuance of long-term debt

331,033

 

 

 

975,575

 

 

Payments of long-term debt

(648,514

)

 

 

(862,927

)

 

Payments of finance lease obligations

(9,851

)

 

 

(6,574

)

 

Other financing activities

14,197

 

 

 

3,377

 

 

Net cash (used in) provided by financing activities

(333,719

)

 

 

108,250

 

 

 

 

 

 

Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash

6,056

 

 

 

870

 

 

 

 

 

 

Net (decrease) increase in cash, cash equivalents and restricted cash

(196,335

)

 

 

210,481

 

 

Cash, cash equivalents and restricted cash, beginning of period

898,532

 

 

 

688,051

 

 

Cash, cash equivalents and restricted cash, end of period

$

702,197

 

 

 

$

898,532

 

 


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