Amkor Technology Reports Financial Results for the Second Quarter 2023

(1) Advanced products include flip chip, memory and wafer-level processing and related test services.
(2) Mainstream products include all other wirebond packaging and related test services.

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 2023

 

Q1 2023

 

Q2 2022

EBITDA Data:

 

 

 

 

 

Net income

$

64

 

$

45

 

$

125

Plus: Interest expense

 

14

 

 

16

 

 

15

Plus: Income tax expense

 

9

 

 

11

 

 

11

Plus: Depreciation & amortization

 

158

 

 

157

 

 

151

EBITDA

$

245

 

$

229

 

$

302

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,

 

2023

 

2022

 

2023

 

2022

Net sales

$

1,457,922

 

 

$

1,504,868

 

 

$

2,929,461

 

 

$

3,101,684

 

Cost of sales

 

1,271,052

 

 

 

1,255,713

 

 

 

2,548,170

 

 

 

2,527,199

 

Gross profit

 

186,870

 

 

 

249,155

 

 

 

381,291

 

 

 

574,485

 

Selling, general and administrative

 

64,860

 

 

 

68,868

 

 

 

143,531

 

 

 

145,827

 

Research and development

 

45,688

 

 

 

37,478

 

 

 

92,735

 

 

 

75,841

 

Total operating expenses

 

110,548

 

 

 

106,346

 

 

 

236,266

 

 

 

221,668

 

Operating income

 

76,322

 

 

 

142,809

 

 

 

145,025

 

 

 

352,817

 

Interest expense

 

14,354

 

 

 

14,593

 

 

 

30,521

 

 

 

28,741

 

Other (income) expense, net

 

(11,883

)

 

 

(8,041

)

 

 

(15,435

)

 

 

(13,137

)

Total other expense, net

 

2,471

 

 

 

6,552

 

 

 

15,086

 

 

 

15,604

 

Income before taxes

 

73,851

 

 

 

136,257

 

 

 

129,939

 

 

 

337,213

 

Income tax expense

 

9,407

 

 

 

10,788

 

 

 

20,271

 

 

 

40,516

 

Net income

 

64,444

 

 

 

125,469

 

 

 

109,668

 

 

 

296,697

 

Net income attributable to non-controlling interests

 

(158

)

 

 

(691

)

 

 

(31

)

 

 

(1,256

)

Net income attributable to Amkor

$

64,286

 

 

$

124,778

 

 

$

109,637

 

 

$

295,441

 

 

 

 

 

 

 

 

 

Net income attributable to Amkor per common share:

 

 

 

 

 

 

 

Basic

$

0.26

 

 

$

0.51

 

 

$

0.45

 

 

$

1.21

 

Diluted

$

0.26

 

 

$

0.51

 

 

$

0.44

 

 

$

1.20

 

 

 

 

 

 

 

 

 

Shares used in computing per common share amounts:

 

 

 

 

 

 

 

Basic

 

245,637

 

 

 

244,592

 

 

 

245,485

 

 

 

244,498

 

Diluted

 

246,964

 

 

 

245,855

 

 

 

247,046

 

 

 

245,938

 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

June 30, 2023

 

December 31, 2022

ASSETS

Current assets:

 

 

 

Cash and cash equivalents

$

804,834

 

 

$

959,072

 

Short-term investments

 

399,233

 

 

 

281,964

 

Accounts receivable, net of allowances

 

1,198,612

 

 

 

1,365,504

 

Inventories

 

534,477

 

 

 

629,576

 

Other current assets

 

61,890

 

 

 

65,123

 

Total current assets

 

2,999,046

 

 

 

3,301,239

 

Property, plant and equipment, net

 

3,309,592

 

 

 

3,135,614

 

Operating lease right of use assets

 

146,080

 

 

 

171,163

 

Goodwill

 

19,550

 

 

 

21,517

 

Restricted cash

 

3,428

 

 

 

3,334

 

Other assets

 

160,484

 

 

 

188,890

 

Total assets

$

6,638,180

 

 

$

6,821,757

 

LIABILITIES AND EQUITY

Current liabilities:

 

 

 

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

$

155,978

 

 

$

143,813

 

Trade accounts payable

 

701,610

 

 

 

899,164

 

Capital expenditures payable

 

310,387

 

 

 

146,602

 

Short-term operating lease liability

 

53,991

 

 

 

70,991

 

Accrued expenses

 

354,522

 

 

 

401,841

 

Total current liabilities

 

1,576,488

 

 

 

1,662,411

 

Long-term debt

 

975,535

 

 

 

1,088,521

 

Pension and severance obligations

 

88,249

 

 

 

93,540

 

Long-term operating lease liabilities

 

66,030

 

 

 

75,745

 

Other non-current liabilities

 

169,019

 

 

 

201,839

 

Total liabilities

 

2,875,321

 

 

 

3,122,056

 

 

 

 

 

Stockholders’ equity:

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

292

 

 

 

291

 

Additional paid-in capital

 

2,005,055

 

 

 

1,996,344

 

Retained earnings

 

1,947,420

 

 

 

1,874,644

 

Accumulated other comprehensive income (loss)

 

1,432

 

 

 

16,699

 

Treasury stock

 

(222,049

)

 

 

(219,226

)

Total Amkor stockholders’ equity

 

3,732,150

 

 

 

3,668,752

 

Non-controlling interests in subsidiaries

 

30,709

 

 

 

30,949

 

Total equity

 

3,762,859

 

 

 

3,699,701

 

Total liabilities and equity

$

6,638,180

 

 

$

6,821,757

 

AMKOR TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

For the Six Months Ended June 30,

 

2023

 

2022

Cash flows from operating activities:

 

 

 

Net income

$

109,668

 

 

$

296,697

 

Depreciation and amortization

 

314,647

 

 

 

299,341

 

Other operating activities and non-cash items

 

4,784

 

 

 

(10,041

)

Changes in assets and liabilities

 

(6,521

)

 

 

(123,728

)

Net cash provided by operating activities

 

422,578

 

 

 

462,269

 

Cash flows from investing activities:

 

 

 

Payments for property, plant and equipment

 

(282,309

)

 

 

(340,208

)

Proceeds from sale of property, plant and equipment

 

1,107

 

 

 

773

 

Payments for short-term investments

 

(355,135

)

 

 

(298,351

)

Proceeds from sale of short-term investments

 

47,000

 

 

 

14,120

 

Proceeds from maturities of short-term investments

 

193,315

 

 

 

155,910

 

Other investing activities

 

(22,850

)

 

 

(58,916

)

Net cash used in investing activities

 

(418,872

)

 

 

(526,672

)

Cash flows from financing activities:

 

 

 

Proceeds from revolving credit facilities

 

370,000

 

 

 

 

Payments of revolving credit facilities

 

(370,000

)

 

 

 

Proceeds from short-term debt

 

11,043

 

 

 

18,112

 

Payments of short-term debt

 

(11,149

)

 

 

(12,048

)

Proceeds from issuance of long-term debt

 

 

 

 

190,000

 

Payments of long-term debt

 

(72,061

)

 

 

(155,284

)

Payments of finance lease obligations

 

(31,129

)

 

 

(15,943

)

Payments of dividends

 

(36,874

)

 

 

(24,473

)

Other financing activities

 

(1,589

)

 

 

(5,089

)

Net cash used in financing activities

 

(141,759

)

 

 

(4,725

)

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

 

(16,091

)

 

 

(25,020

)

Net decrease in cash, cash equivalents and restricted cash

 

(154,144

)

 

 

(94,148

)

Cash, cash equivalents and restricted cash, beginning of period

 

962,406

 

 

 

831,521

 

Cash, cash equivalents and restricted cash, end of period

$

808,262

 

 

$

737,373

 


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