Amkor Technology Reports Financial Results for the Second Quarter 2022

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, and our ability to service debt, and our ability to fund capital expenditures and pay dividends. 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:

 

 

 

 

 

(in millions)

Q2 2022

 

Q1 2022

 

Q2 2021

EBITDA Data:

 

 

 

 

 

Net income

$

125

 

$

171

 

$

126

Plus: Interest expense

 

15

 

 

14

 

 

13

Plus: Income tax expense

 

11

 

 

30

 

 

16

Plus: Depreciation & amortization

 

151

 

 

148

 

 

140

EBITDA

$

302

 

$

363

 

$

295

AMKOR TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

 

 

For the Three Months
Ended June 30,

 

For the Six Months
Ended June 30,

 

2022

 

2021

 

2022

 

2021

Net sales

$

1,504,868

 

 

$

1,406,535

 

 

$

3,101,684

 

 

$

2,732,685

 

Cost of sales

 

1,255,713

 

 

 

1,133,715

 

 

 

2,527,199

 

 

 

2,194,331

 

Gross profit

 

249,155

 

 

 

272,820

 

 

 

574,485

 

 

 

538,354

 

Selling, general and administrative

 

68,868

 

 

 

74,189

 

 

 

145,827

 

 

 

150,957

 

Research and development

 

37,478

 

 

 

43,516

 

 

 

75,841

 

 

 

87,834

 

Total operating expenses

 

106,346

 

 

 

117,705

 

 

 

221,668

 

 

 

238,791

 

Operating income

 

142,809

 

 

 

155,115

 

 

 

352,817

 

 

 

299,563

 

Interest expense

 

14,593

 

 

 

12,764

 

 

 

28,741

 

 

 

25,437

 

Other (income) expense, net

 

(8,041

)

 

 

(96

)

 

 

(13,137

)

 

 

(7

)

Total other expense, net

 

6,552

 

 

 

12,668

 

 

 

15,604

 

 

 

25,430

 

Income before taxes

 

136,257

 

 

 

142,447

 

 

 

337,213

 

 

 

274,133

 

Income tax expense

 

10,788

 

 

 

15,989

 

 

 

40,516

 

 

 

27,656

 

Net income

 

125,469

 

 

 

126,458

 

 

 

296,697

 

 

 

246,477

 

Net income attributable to non-controlling interests

 

(691

)

 

 

(652

)

 

 

(1,256

)

 

 

(862

)

Net income attributable to Amkor

$

124,778

 

 

$

125,806

 

 

$

295,441

 

 

$

245,615

 

 

 

 

 

 

 

 

 

Net income attributable to Amkor per common share:

 

 

 

 

 

 

 

Basic

$

0.51

 

 

$

0.52

 

 

$

1.21

 

 

$

1.01

 

Diluted

$

0.51

 

 

$

0.51

 

 

$

1.20

 

 

$

1.00

 

 

 

 

 

 

 

 

 

Shares used in computing per common share amounts:

 

 

 

 

 

 

 

Basic

 

244,592

 

 

 

243,863

 

 

 

244,498

 

 

 

243,566

 

Diluted

 

245,855

 

 

 

245,551

 

 

 

245,938

 

 

 

245,372

 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

June 30, 2022

 

December 31, 2021

ASSETS

Current assets:

 

 

 

Cash and cash equivalents

$

733,922

 

 

$

826,744

 

Restricted cash

 

 

 

 

962

 

Short-term investments

 

375,137

 

 

 

251,530

 

Accounts receivable, net of allowances

 

1,169,028

 

 

 

1,258,767

 

Inventories

 

636,969

 

 

 

484,959

 

Other current assets

 

48,831

 

 

 

33,601

 

Total current assets

 

2,963,887

 

 

 

2,856,563

 

Property, plant and equipment, net

 

3,059,978

 

 

 

2,871,058

 

Operating lease right of use assets

 

168,618

 

 

 

159,742

 

Goodwill

 

20,787

 

 

 

24,516

 

Restricted cash

 

3,451

 

 

 

3,815

 

Other assets

 

173,941

 

 

 

122,860

 

Total assets

$

6,390,662

 

 

$

6,038,554

 

LIABILITIES AND EQUITY

Current liabilities:

 

 

 

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

$

127,998

 

 

$

153,008

 

Trade accounts payable

 

859,455

 

 

 

828,727

 

Capital expenditures payable

 

344,301

 

 

 

210,875

 

Short-term operating lease liability

 

68,099

 

 

 

64,233

 

Accrued expenses

 

385,109

 

 

 

422,892

 

Total current liabilities

 

1,784,962

 

 

 

1,679,735

 

Long-term debt

 

981,220

 

 

 

984,988

 

Pension and severance obligations

 

109,924

 

 

 

120,472

 

Long-term operating lease liabilities

 

75,461

 

 

 

83,937

 

Other non-current liabilities

 

211,545

 

 

 

196,876

 

Total liabilities

 

3,163,112

 

 

 

3,066,008

 

 

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

291

 

 

 

290

 

Additional paid-in capital

 

1,985,992

 

 

 

1,977,134

 

Retained earnings

 

1,434,906

 

 

 

1,163,939

 

Accumulated other comprehensive income (loss)

 

(5,747

)

 

 

19,978

 

Treasury stock

 

(219,147

)

 

 

(219,065

)

Total Amkor stockholders’ equity

 

3,196,295

 

 

 

2,942,276

 

Non-controlling interests in subsidiaries

 

31,255

 

 

 

30,270

 

Total equity

 

3,227,550

 

 

 

2,972,546

 

Total liabilities and equity

$

6,390,662

 

 

$

6,038,554

 

AMKOR TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

For the Six Months Ended
June 30,

 

2022

 

2021

Cash flows from operating activities:

 

 

 

Net income

$

296,697

 

 

$

246,477

 

Depreciation and amortization

 

299,341

 

 

 

274,991

 

Other operating activities and non-cash items

 

(10,041

)

 

 

305

 

Changes in assets and liabilities

 

(123,728

)

 

 

(65,442

)

Net cash provided by operating activities

 

462,269

 

 

 

456,331

 

Cash flows from investing activities:

 

 

 

Payments for property, plant and equipment

 

(340,208

)

 

 

(273,617

)

Proceeds from sale of property, plant and equipment

 

773

 

 

 

2,249

 

Payments for short-term investments

 

(298,351

)

 

 

(173,307

)

Proceeds from sale of short-term investments

 

14,120

 

 

 

45,396

 

Proceeds from maturities of short-term investments

 

155,910

 

 

 

103,116

 

Other investing activities

 

(58,916

)

 

 

(25,332

)

Net cash used in investing activities

 

(526,672

)

 

 

(321,495

)

Cash flows from financing activities:

 

 

 

Proceeds from short-term debt

 

18,112

 

 

 

3,679

 

Payments of short-term debt

 

(12,048

)

 

 

(10,431

)

Proceeds from issuance of long-term debt

 

190,000

 

 

 

120,992

 

Payments of long-term debt

 

(155,284

)

 

 

(184,212

)

Payments of finance lease obligations

 

(15,943

)

 

 

(6,633

)

Payments of dividends

 

(24,473

)

 

 

(29,221

)

Other financing activities

 

(5,089

)

 

 

8,287

 

Net cash used in financing activities

 

(4,725

)

 

 

(97,539

)

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

 

(25,020

)

 

 

(10,274

)

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

 

(94,148

)

 

 

27,023

 

Cash, cash equivalents and restricted cash, beginning of period

 

831,521

 

 

 

702,197

 

Cash, cash equivalents and restricted cash, end of period

$

737,373

 

 

$

729,220

 


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