Amkor Technology Reports Record Financial Results for the Fourth Quarter and Full Year 2022

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:

 

 

 

(in millions)

2022

 

2021

Free Cash Flow Data:

 

 

 

Net cash provided by operating activities

$

1,099

 

 

$

1,121

 

Less: Purchases of property, plant and equipment

 

(908

)

 

 

(780

)

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

 

3

 

 

 

3

 

Free cash flow

$

194

 

 

$

344

 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

 

For the Three Months Ended December 31,

 

For the Year Ended December 31,

 

2022

 

2021

 

2022

 

2021

Net sales

$

1,906,210

 

$

1,724,644

 

 

$

7,091,585

 

 

$

6,138,329

 

Cost of sales

 

1,571,936

 

 

1,362,276

 

 

 

5,761,598

 

 

 

4,912,775

 

Gross profit

 

334,274

 

 

362,368

 

 

 

1,329,987

 

 

 

1,225,554

 

Selling, general and administrative

 

69,598

 

 

72,546

 

 

 

283,372

 

 

 

296,084

 

Research and development

 

39,594

 

 

37,413

 

 

 

149,429

 

 

 

166,037

 

Total operating expenses

 

109,192

 

 

109,959

 

 

 

432,801

 

 

 

462,121

 

Operating income

 

225,082

 

 

252,409

 

 

 

897,186

 

 

 

763,433

 

Interest expense

 

14,943

 

 

13,175

 

 

 

58,563

 

 

 

51,508

 

Other (income) expense, net

 

520

 

 

(2,633

)

 

 

(18,309

)

 

 

(3,141

)

Total other expense, net

 

15,463

 

 

10,542

 

 

 

40,254

 

 

 

48,367

 

Income before taxes

 

209,619

 

 

241,867

 

 

 

856,932

 

 

 

715,066

 

Income tax expense

 

45,731

 

 

24,584

 

 

 

89,890

 

 

 

69,459

 

Net income

 

163,888

 

 

217,283

 

 

 

767,042

 

 

 

645,607

 

Net income attributable to noncontrolling interests

 

413

 

 

(757

)

 

 

(1,219

)

 

 

(2,612

)

Net income attributable to Amkor

$

164,301

 

$

216,526

 

 

$

765,823

 

 

$

642,995

 

 

 

 

 

 

 

 

 

Net income attributable to Amkor per common share:

 

 

 

 

 

 

 

Basic

$

0.67

 

$

0.89

 

 

$

3.13

 

 

$

2.64

 

Diluted

$

0.67

 

$

0.88

 

 

$

3.11

 

 

$

2.62

 

Shares used in computing per common share amounts:

 

 

 

 

 

 

 

Basic

 

244,957

 

 

244,267

 

 

 

244,676

 

 

 

243,878

 

Diluted

 

246,693

 

 

245,894

 

 

 

246,205

 

 

 

245,704

 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

December 31,

 

2022

 

2021

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

959,072

 

 

$

826,744

 

Restricted cash

 

 

 

 

962

 

Short-term investments

 

281,964

 

 

 

251,530

 

Accounts receivable, net of allowances

 

1,365,504

 

 

 

1,258,767

 

Inventories

 

629,576

 

 

 

484,959

 

Other current assets

 

65,123

 

 

 

33,601

 

Total current assets

 

3,301,239

 

 

 

2,856,563

 

Property, plant and equipment, net

 

3,135,614

 

 

 

2,871,058

 

Operating lease right of use assets

 

171,163

 

 

 

159,742

 

Goodwill

 

21,517

 

 

 

24,516

 

Restricted cash

 

3,334

 

 

 

3,815

 

Other assets

 

188,890

 

 

 

122,860

 

Total assets

$

6,821,757

 

 

$

6,038,554

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

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

$

143,813

 

 

$

153,008

 

Trade accounts payable

 

899,164

 

 

 

828,727

 

Capital expenditures payable

 

146,602

 

 

 

210,875

 

Short-term operating lease liability

 

70,991

 

 

 

64,233

 

Accrued expenses

 

401,841

 

 

 

422,892

 

Total current liabilities

 

1,662,411

 

 

 

1,679,735

 

Long-term debt

 

1,088,521

 

 

 

984,988

 

Pension and severance obligations

 

93,540

 

 

 

120,472

 

Long-term operating lease liabilities

 

75,745

 

 

 

83,937

 

Other non-current liabilities

 

201,839

 

 

 

196,876

 

Total liabilities

 

3,122,056

 

 

 

3,066,008

 

 

 

 

 

Amkor stockholders’ equity:

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

291

 

 

 

290

 

Additional paid-in capital

 

1,996,344

 

 

 

1,977,134

 

Retained earnings

 

1,874,644

 

 

 

1,163,939

 

Accumulated other comprehensive income

 

16,699

 

 

 

19,978

 

Treasury stock

 

(219,226

)

 

 

(219,065

)

Total Amkor stockholders’ equity

 

3,668,752

 

 

 

2,942,276

 

Noncontrolling interests in subsidiaries

 

30,949

 

 

 

30,270

 

Total equity

 

3,699,701

 

 

 

2,972,546

 

Total liabilities and equity

$

6,821,757

 

 

$

6,038,554

 

AMKOR TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

For the Year Ended December 31,

 

2022

 

2021

Cash flows from operating activities:

 

 

 

Net income

$

767,042

 

 

$

645,607

 

Depreciation and amortization

 

612,702

 

 

 

563,582

 

Other operating activities and non-cash items

 

422

 

 

 

36,460

 

Changes in assets and liabilities

 

(281,410

)

 

 

(124,354

)

Net cash provided by operating activities

 

1,098,756

 

 

 

1,121,295

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Payments for property, plant and equipment

 

(908,294

)

 

 

(779,779

)

Proceeds from sale of property, plant and equipment

 

3,148

 

 

 

3,157

 

Proceeds from insurance recovery for property, plant and equipment

 

 

 

 

104

 

Payments for short-term investments

 

(438,803

)

 

 

(414,208

)

Proceeds from sale of short-term investments

 

33,972

 

 

 

87,273

 

Proceeds from maturities of short-term investments

 

370,924

 

 

 

204,679

 

Other investing activities

 

(68,116

)

 

 

(45,105

)

Net cash used in investing activities

 

(1,007,169

)

 

 

(943,879

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Proceeds from revolving credit facilities

 

80,000

 

 

 

 

Payments of revolving credit facilities

 

(80,000

)

 

 

 

Proceeds from short-term debt

 

29,711

 

 

 

15,514

 

Payments of short-term debt

 

(27,187

)

 

 

(19,927

)

Proceeds from issuance of long-term debt

 

366,386

 

 

 

353,587

 

Payments of long-term debt

 

(214,290

)

 

 

(316,635

)

Payments of finance lease obligations

 

(40,673

)

 

 

(20,373

)

Payments of dividends

 

(55,116

)

 

 

(51,213

)

Other financing activities

 

(3,234

)

 

 

8,945

 

Net cash provided by (used in) financing activities

 

55,597

 

 

 

(30,102

)

 

 

 

 

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

 

(16,299

)

 

 

(17,990

)

 

 

 

 

Net increase in cash, cash equivalents and restricted cash

 

130,885

 

 

 

129,324

 

Cash, cash equivalents and restricted cash, beginning of period

 

831,521

 

 

 

702,197

 

Cash, cash equivalents and restricted cash, end of period

$

962,406

 

 

$

831,521

 


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