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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amkor Technology Inc | NASDAQ:AMKR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.06 | 0.19% | 32.40 | 32.01 | 33.50 | 32.9736 | 32.08 | 32.58 | 1,035,847 | 00:58:50 |
Third Quarter Highlights
Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the third quarter ended September 30, 2019.
"Sequential revenue growth of 21% drove financial results above the high end of guidance," said Steve Kelley, Amkor's president and chief executive officer. "Demand was particularly strong for our advanced packaging technologies."
Results
Q3 2019
Q2 2019
Q3 2018
($ in millions, except per share data)
Net sales
$1,084
$895
$1,144
Gross margin
16.8%
13.8%
17.5%
Operating income
$79
$23
$93
Net income attributable to Amkor (1)
$54
($9)
$57
Earnings per diluted share (1)
$0.23
($0.04)
$0.24
EBITDA (2)
$209
$149
$235
(1) Q2 2019 net income includes an $8 million charge, or $0.03 per share, related to the early redemption of $525 million of senior notes due 2022.
(2) EBITDA is a non-U.S. GAAP measure. The reconciliation to the comparable U.S. GAAP measure is included below under "Selected Operating Data."
"Operating margin, earnings per share and EBITDA all showed meaningful sequential improvement in the third quarter," said Megan Faust, Amkor's corporate vice president and chief financial officer. "Based on our solid business outlook for the fourth quarter, we expect to deliver a fifth consecutive year of positive free cash flow."
At September 30, 2019, cash and cash equivalents were $600 million, and total debt was $1.3 billion.
Business Outlook
"We expect revenue of about $1.1 billion in the fourth quarter, reflecting continued healthy demand for Amkor's advanced packages," said Kelley.
Fourth quarter 2019 outlook:
Conference Call Information
Amkor will conduct a conference call on Monday, October 28, 2019, at 5:00 p.m. Eastern Time. This call may include material information not included in this press release. This call is being webcast and can be accessed at Amkor's website: www.amkor.com. You may also access the call by dialing 1-877-645-6380 or 1-404-991-3911. A replay of the call will be made available at Amkor's website or by dialing 1-855-859-2056 or 1-404-537-3406 (conference ID 4599721). The webcast is also being distributed over NASDAQ OMX's investor distribution network to both institutional and individual investors. Institutional investors can access the call via NASDAQ OMX's password-protected event management site, Street Events (www.streetevents.com).
About Amkor Technology, Inc.
Amkor Technology, Inc. is one of the world’s largest providers of outsourced semiconductor packaging and test services. Founded in 1968, Amkor pioneered the outsourcing of IC packaging and test and is now a strategic manufacturing partner for more than 300 of the world's leading semiconductor companies, foundries and electronics OEMs. Amkor's operational base includes production facilities, product development centers, and sales and support offices located in key electronics manufacturing regions in Asia, Europe and the USA. For more information, visit www.amkor.com.
AMKOR TECHNOLOGY, INC.
Selected Operating Data
Q3 2019
Q2 2019
Q3 2018
Net Sales Data:
Net sales (in millions):
Advanced products (1)
$
589
$
433
$
582
Mainstream products (2)
495
462
562
Total net sales
$
1,084
$
895
$
1,144
Packaging services
84
%
83
%
84
%
Test services
16
%
17
%
16
%
Net sales from top ten customers
62
%
62
%
62
%
End Market Data:
Communications (handheld devices, smartphones, tablets)
41
%
37
%
47
%
Automotive, industrial and other (driver assist, infotainment, performance, safety)
26
%
29
%
25
%
Computing (datacenter, infrastructure, PC/laptop, storage)
15
%
19
%
17
%
Consumer (connected home, set-top boxes, televisions, visual imaging, wearables)
18
%
15
%
11
%
Total
100
%
100
%
100
%
Gross Margin Data:
Net sales
100.0
%
100.0
%
100.0
%
Cost of sales:
Materials
40.4
%
38.0
%
40.3
%
Labor
15.8
%
17.4
%
15.1
%
Other manufacturing
27.0
%
30.8
%
27.1
%
Gross margin
16.8
%
13.8
%
17.5
%
(1) Advanced products include flip chip and wafer-level processing and related test services (2) Mainstream products include wirebond packaging and related test services
AMKOR TECHNOLOGY, INC. Selected Operating Data
In this press release, we provide 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 2019
Q2 2019
Q3 2018
(in millions)
EBITDA Data:
Net income
$
54
$
(9
)
$
57
Plus: Interest expense
17
19
20
Plus: Income tax expense
9
6
14
Plus: Depreciation & amortization
129
133
144
EBITDA
$
209
$
149
$
235
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2019
2018
2019
2018
(In thousands, except per share data)
Net sales
$
1,083,917
$
1,144,192
$
2,874,186
$
3,235,195
Cost of sales
901,677
943,485
2,447,731
2,707,000
Gross profit
182,240
200,707
426,455
528,195
Selling, general and administrative
70,458
70,463
206,803
225,886
Research and development
32,927
37,541
104,867
119,546
Total operating expenses
103,385
108,004
311,670
345,432
Operating income
78,855
92,703
114,785
182,763
Interest expense
16,988
19,770
54,914
60,908
Other (income) expense, net
(1,760
)
1,315
641
(6,254
)
Total other expense, net
15,228
21,085
55,555
54,654
Income before taxes
63,627
71,618
59,230
128,109
Income tax expense
9,141
14,326
36,418
27,438
Net income
54,486
57,292
22,812
100,671
Net income attributable to non-controlling interests
(416
)
(630
)
(1,071
)
(1,874
)
Net income attributable to Amkor
$
54,070
$
56,662
$
21,741
$
98,797
Net income attributable to Amkor per common share:
Basic
$
0.23
$
0.24
$
0.09
$
0.41
Diluted
$
0.23
$
0.24
$
0.09
$
0.41
Shares used in computing per common share amounts:
Basic
239,586
239,370
239,503
239,312
Diluted
239,937
239,766
239,858
239,783
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, 2019
December 31, 2018
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents
$
598,753
$
681,569
Restricted cash
2,590
2,589
Accounts receivable, net of allowances
803,104
724,456
Inventories
216,663
230,589
Other current assets
41,891
32,005
Total current assets
1,663,001
1,671,208
Property, plant and equipment, net
2,466,067
2,650,448
Operating lease right of use asset *
141,467
—
Goodwill
26,104
25,720
Restricted cash
2,874
3,893
Other assets
106,417
144,178
Total assets
$
4,405,930
$
4,495,447
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt
$
102,952
$
114,579
Trade accounts payable
477,900
530,398
Capital expenditures payable
157,527
255,237
Accrued expenses
253,876
258,209
Total current liabilities
992,255
1,158,423
Long-term debt
1,195,005
1,217,732
Pension and severance obligations
178,530
184,321
Long-term operating lease liability *
85,094
—
Other non-current liabilities
67,426
79,071
Total liabilities
2,518,310
2,639,547
Stockholders’ equity:
Preferred stock
—
—
Common stock
286
285
Additional paid-in capital
1,915,481
1,909,425
Retained earnings
134,930
113,189
Accumulated other comprehensive income (loss)
27,243
23,812
Treasury stock
(216,301
)
(216,171
)
Total Amkor stockholders’ equity
1,861,639
1,830,540
Non-controlling interests in subsidiaries
25,981
25,360
Total equity
1,887,620
1,855,900
Total liabilities and equity
$
4,405,930
$
4,495,447
*Effective January 1, 2019, we adopted Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Upon adoption, we recorded a right-of-use asset and lease liability on our balance sheet. Prior period financial statements were not required to be adjusted for the effects of this new standard.
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Nine Months Ended September 30,
2019
2018
(In thousands)
Cash flows from operating activities:
Net income
$
22,812
$
100,671
Depreciation and amortization
398,013
429,181
Other operating activities and non-cash items
51,533
(2,006
)
Changes in assets and liabilities
(189,026
)
(100,628
)
Net cash provided by operating activities
283,332
427,218
Cash flows from investing activities:
Payments for property, plant and equipment
(328,497
)
(478,036
)
Proceeds from sale of property, plant and equipment
8,495
1,606
Proceeds from insurance recovery for property, plant and equipment
1,538
—
Other investing activities
(353
)
3,160
Net cash used in investing activities
(318,817
)
(473,270
)
Cash flows from financing activities:
Proceeds from revolving credit facilities
172,700
—
Payments of revolving credit facilities
(92,700
)
(75,000
)
Proceeds from short-term debt
51,434
23,341
Payments of short-term debt
(42,067
)
(35,125
)
Proceeds from issuance of long-term debt
714,375
372,226
Payments of long-term debt
(847,155
)
(279,697
)
Payments of finance lease obligations
(4,358
)
(2,669
)
Other financing activities
(1,963
)
(2,482
)
Net cash provided by (used in) financing activities
(49,734
)
594
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash
1,385
(3,273
)
Net decrease in cash, cash equivalents and restricted cash
(83,834
)
(48,731
)
Cash, cash equivalents and restricted cash, beginning of period
688,051
602,851
Cash, cash equivalents and restricted cash, end of period
$
604,217
$
554,120
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical fact are considered forward-looking including statements regarding our fourth quarter outlook, delivery of free cash flow, and all of the statements made under "Business Outlook" above. These forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could affect future results and cause actual results and events to differ materially from historical and expected results and those expressed or implied in the forward-looking statements, including, but not limited to, the following:
Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect our operating results and financial condition are discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2018 and in the company's subsequent filings with the Securities and Exchange Commission made prior to or after the date hereof. Amkor undertakes no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release except as may be required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191028005717/en/
Vincent Keenan Vice President, Investor Relations 480-786-7594 vincent.keenan@amkor.com
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