Amkor Technology Reports Record Financial Results for the Third Quarter 2021

Selected Operating Data

In this press release we refer to EBITDA, which is not defined by U.S. GAAP. We define EBITDA as net income before interest expense, income tax expense and depreciation and amortization. We believe EBITDA to be relevant and useful information to our investors because it provides additional information in assessing our financial operating results. Our management uses EBITDA in evaluating our operating performance, our ability to service debt and our ability to fund capital expenditures. However, EBITDA has certain limitations in that it does not reflect the impact of certain expenses on our consolidated statements of income, including interest expense, which is a necessary element of our costs because we have borrowed money in order to finance our operations, income tax expense, which is a necessary element of our costs because taxes are imposed by law, and depreciation and amortization, which is a necessary element of our costs because we use capital assets to generate income. EBITDA should be considered in addition to, and not as a substitute for, or superior to, operating income, net income or other measures of financial performance prepared in accordance with U.S. GAAP. Furthermore our definition of EBITDA may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of EBITDA to U.S. GAAP net income.

Non-GAAP Financial Measure Reconciliation:

 

 

 

 

 

 

Q3 2021

 

Q2 2021

 

Q3 2020

 

(in millions)

EBITDA Data:

 

 

 

 

 

Net income

$

182

 

 

$

126

 

 

$

93

 

Plus: Interest expense

13

 

 

13

 

 

16

 

Plus: Income tax expense

17

 

 

16

 

 

16

 

Plus: Depreciation & amortization

146

 

 

140

 

 

130

 

EBITDA

$

358

 

 

$

295

 

 

$

255

 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

 

 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

(In thousands, except per share data)

Net sales

$

1,681,000

 

 

 

$

1,354,023

 

 

 

$

4,413,685

 

 

 

$

3,679,548

 

 

Cost of sales

1,356,168

 

 

 

1,112,938

 

 

 

3,550,499

 

 

 

3,057,235

 

 

Gross profit

324,832

 

 

 

241,085

 

 

 

863,186

 

 

 

622,313

 

 

Selling, general and administrative

72,581

 

 

 

77,781

 

 

 

223,538

 

 

 

224,623

 

 

Research and development

40,790

 

 

 

35,835

 

 

 

128,624

 

 

 

99,624

 

 

Total operating expenses

113,371

 

 

 

113,616

 

 

 

352,162

 

 

 

324,247

 

 

Operating income

211,461

 

 

 

127,469

 

 

 

511,024

 

 

 

298,066

 

 

Interest expense

12,896

 

 

 

16,404

 

 

 

38,333

 

 

 

49,461

 

 

Other (income) expense, net

(501

)

 

 

2,415

 

 

 

(508

)

 

 

1,567

 

 

Total other expense, net

12,395

 

 

 

18,819

 

 

 

37,825

 

 

 

51,028

 

 

Income before taxes

199,066

 

 

 

108,650

 

 

 

473,199

 

 

 

247,038

 

 

Income tax expense

17,219

 

 

 

15,753

 

 

 

44,875

 

 

 

33,504

 

 

Net income

181,847

 

 

 

92,897

 

 

 

428,324

 

 

 

213,534

 

 

Net income attributable to non-controlling interests

(993

)

 

 

(746

)

 

 

(1,855

)

 

 

(2,070

)

 

Net income attributable to Amkor

$

180,854

 

 

 

$

92,151

 

 

 

$

426,469

 

 

 

$

211,464

 

 

 

 

 

 

 

 

 

 

Net income attributable to Amkor per common share:

 

 

 

 

 

 

 

Basic

$

0.74

 

 

 

$

0.38

 

 

 

$

1.75

 

 

 

$

0.88

 

 

Diluted

$

0.74

 

 

 

$

0.38

 

 

 

$

1.74

 

 

 

$

0.87

 

 

 

 

 

 

 

 

 

 

Shares used in computing per common share amounts:

 

 

 

 

 

 

 

Basic

244,100

 

 

 

241,675

 

 

 

243,746

 

 

 

241,232

 

 

Diluted

245,942

 

 

 

242,592

 

 

 

245,611

 

 

 

241,937

 

 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

September 30, 2021

 

December 31, 2020

 

(In thousands)

ASSETS

Current assets:

 

 

 

Cash and cash equivalents

$

545,592

 

 

 

$

698,002

 

 

Restricted cash

929

 

 

 

1,007

 

 

Short-term investments

244,470

 

 

 

133,769

 

 

Accounts receivable, net of allowances

1,289,617

 

 

 

962,643

 

 

Inventories

445,918

 

 

 

297,293

 

 

Other current assets

48,598

 

 

 

40,218

 

 

Total current assets

2,575,124

 

 

 

2,132,932

 

 

Property, plant and equipment, net

2,901,564

 

 

 

2,566,002

 

 

Operating lease right of use assets

146,210

 

 

 

147,236

 

 

Goodwill

25,351

 

 

 

27,325

 

 

Restricted cash

3,508

 

 

 

3,188

 

 

Other assets

118,691

 

 

 

145,628

 

 

Total assets

$

5,770,448

 

 

 

$

5,022,311

 

 

LIABILITIES AND EQUITY

Current liabilities:

 

 

 

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

$

140,380

 

 

 

$

149,007

 

 

Trade accounts payable

815,877

 

 

 

636,434

 

 

Capital expenditures payable

393,660

 

 

 

181,339

 

 

Accrued expenses

389,068

 

 

 

349,207

 

 

Total current liabilities

1,738,985

 

 

 

1,315,987

 

 

Long-term debt

884,236

 

 

 

1,005,339

 

 

Pension and severance obligations

145,633

 

 

 

159,610

 

 

Long-term operating lease liabilities

76,955

 

 

 

84,420

 

 

Other non-current liabilities

164,960

 

 

 

102,996

 

 

Total liabilities

3,010,769

 

 

 

2,668,352

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock

 

 

 

 

 

Common stock

290

 

 

 

289

 

 

Additional paid-in capital

1,973,207

 

 

 

1,953,378

 

 

Retained earnings

959,641

 

 

 

562,502

 

 

Accumulated other comprehensive income (loss)

15,936

 

 

 

27,270

 

 

Treasury stock

(219,061

)

 

 

(217,740

)

 

Total Amkor stockholders’ equity

2,730,013

 

 

 

2,325,699

 

 

Non-controlling interests in subsidiaries

29,666

 

 

 

28,260

 

 

Total equity

2,759,679

 

 

 

2,353,959

 

 

Total liabilities and equity

$

5,770,448

 

 

 

$

5,022,311

 

 

AMKOR TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

For the Nine Months Ended September 30,

 

2021

 

 

2020

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

Net income

$

428,324

 

 

 

$

213,534

 

 

Depreciation and amortization

420,970

 

 

 

377,722

 

 

Other operating activities and non-cash items

22,222

 

 

 

20,368

 

 

Changes in assets and liabilities

(239,897

)

 

 

(177,576

)

 

Net cash provided by operating activities

631,619

 

 

 

434,048

 

 

Cash flows from investing activities:

 

 

 

Payments for property, plant and equipment

(491,425

)

 

 

(275,531

)

 

Proceeds from sale of property, plant and equipment

2,722

 

 

 

2,710

 

 

Payments for short-term investments

(348,822

)

 

 

(475,696

)

 

Proceeds from sale of short-term investments

70,085

 

 

 

37,633

 

 

Proceeds from maturities of short-term investments

165,774

 

 

 

86,216

 

 

Other investing activities

(34,703

)

 

 

13,331

 

 

Net cash used in investing activities

(636,369

)

 

 

(611,337

)

 

Cash flows from financing activities:

 

 

 

Proceeds from revolving credit facilities

 

 

 

312,000

 

 

Payments of revolving credit facilities

 

 

 

(332,000

)

 

Proceeds from short-term debt

15,514

 

 

 

86,769

 

 

Payments of short-term debt

(14,228

)

 

 

(76,004

)

 

Proceeds from issuance of long-term debt

154,784

 

 

 

225,985

 

 

Payments of long-term debt

(250,402

)

 

 

(370,426

)

 

Payments of finance lease obligations

(12,785

)

 

 

(7,193

)

 

Payments of dividends

(38,993

)

 

 

 

 

Other financing activities

9,462

 

 

 

7,707

 

 

Net cash used in financing activities

(136,648

)

 

 

(153,162

)

 

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

(10,770

)

 

 

2,696

 

 

Net decrease in cash, cash equivalents and restricted cash

(152,168

)

 

 

(327,755

)

 

Cash, cash equivalents and restricted cash, beginning of period

702,197

 

 

 

898,532

 

 

Cash, cash equivalents and restricted cash, end of period

$

550,029

 

 

 

$

570,777

 

 


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