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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.03 | 0.09% | 32.37 | 32.01 | 32.83 | 32.9736 | 32.08 | 32.58 | 1,035,732 | 22:05:38 |
First Quarter Highlights
Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the first quarter ended March 31, 2020.
“First quarter revenue grew almost 30% year-on-year, driven by strength in the communications and consumer markets,” said Steve Kelley, Amkor’s president and chief executive officer. “Our factory team executed remarkably well in a challenging environment.”
Results
Q1 2020
Q4 2019
Q1 2019
($ in millions, except per share data)
Net sales
$1,153
$1,178
$895
Gross margin
16.4%
18.9%
13.5%
Operating income
$84
$118
$13
Operating margin
7.3%
10.0%
1.5%
Net income attributable to Amkor (1)
$64
$99
($23)
Earnings per diluted share (1)
$0.26
$0.41
($0.10)
EBITDA (2)
$210
$244
$153
(1) Q4 2019 net income includes a $4 million discrete income tax benefit, or $0.01 per diluted share, primarily related to changes in the valuation of certain deferred tax assets. Q1 2019 net income includes a $15 million non-cash discrete income tax charge, or $0.06 per diluted share, to reduce the value of certain deferred tax assets.
(2) EBITDA is a non-GAAP measure. The reconciliation to the comparable GAAP measure is included below under “Selected Operating Data.”
“Strong year over year revenue growth drove profitability well above year-ago levels,” said Megan Faust, Amkor’s executive vice president and chief financial officer. “We will continue to make strategic investments to support growth in our target markets while being cautious with discretionary spending.”
At March 31, 2020, total cash and short-term investments was $1.0 billion, and total debt was $1.5 billion.
Business Outlook
“We continue to be excited about Amkor’s prospects for growth in the medium- and long-term,” said Kelley. “At the same time, we are well-prepared to deal with fluctuations in near-term demand due to recent macroeconomic events.”
Second quarter 2020 outlook (unless otherwise noted):
Conference Call Information
Amkor will conduct a conference call on Monday, April 27, 2020, 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 3086586). 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 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
Q1 2020
Q4 2019
Q1 2019
Net Sales Data:
Net sales (in millions):
Advanced products (1)
$
705
$
667
$
422
Mainstream products (2)
448
511
473
Total net sales
$
1,153
$
1,178
$
895
Packaging services
85
%
84
%
82
%
Test services
15
%
16
%
18
%
Net sales from top ten customers
67
%
65
%
66
%
End Market Data:
Communications (handheld devices, smartphones, tablets)
38
%
37
%
38
%
Consumer (connected home, set-top boxes, televisions, visual imaging, wearables)
24
%
24
%
14
%
Automotive, industrial and other (driver assist, infotainment, performance, safety)
23
%
25
%
28
%
Computing (datacenter, infrastructure, PC/laptop, storage)
15
%
14
%
20
%
Total
100
%
100
%
100
%
Gross Margin Data:
Net sales
100.0
%
100.0
%
100.0
%
Cost of sales:
Materials
45.3
%
42.6
%
38.0
%
Labor
14.2
%
13.9
%
17.4
%
Other manufacturing
24.1
%
24.6
%
31.1
%
Gross margin
16.4
%
18.9
%
13.5
%
(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:
Q1 2020
Q4 2019
Q1 2019
(in millions)
EBITDA Data:
Net income
$
64
$
100
$
(23
)
Plus: Interest expense
17
17
19
Plus: Income tax expense
5
1
21
Plus: Depreciation & amortization
124
126
136
EBITDA
$
210
$
244
$
153
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months Ended
March 31,
2020
2019
(In thousands, except per share data)
Net sales
$
1,152,616
$
894,964
Cost of sales
963,708
774,203
Gross profit
188,908
120,761
Selling, general and administrative
72,582
71,587
Research and development
32,253
35,754
Total operating expenses
104,835
107,341
Operating income
84,073
13,420
Interest expense
17,045
19,273
Other (income) expense, net
(2,315
)
(4,565
)
Total other expense, net
14,730
14,708
Income (loss) before taxes
69,343
(1,288
)
Income tax expense
4,846
21,380
Net income (loss)
64,497
(22,668
)
Net income attributable to non-controlling interests
(608
)
(211
)
Net income (loss) attributable to Amkor
$
63,889
$
(22,879
)
Net income (loss) attributable to Amkor per common share:
Basic
$
0.27
$
(0.10
)
Diluted
$
0.26
$
(0.10
)
Shares used in computing per common share amounts:
Basic
240,919
239,414
Diluted
241,333
239,414
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,
2020
December 31,
2019
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents
$
941,447
$
894,948
Restricted cash
610
610
Short-term investments
58,263
6,348
Accounts receivable, net of allowances
880,629
850,753
Inventories
238,201
220,602
Other current assets
34,553
28,272
Total current assets
2,153,703
2,001,533
Property, plant and equipment, net
2,367,746
2,404,850
Operating lease right of use assets
147,985
148,549
Goodwill
26,235
25,976
Restricted cash
3,267
2,974
Other assets
112,701
111,733
Total assets
$
4,811,637
$
4,695,615
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt
$
141,521
$
144,479
Trade accounts payable
562,633
571,054
Capital expenditures payable
107,131
77,044
Accrued expenses
236,464
267,226
Total current liabilities
1,047,749
1,059,803
Long-term debt
1,371,501
1,305,755
Pension and severance obligations
178,084
176,971
Long-term operating lease liabilities
89,733
91,107
Other non-current liabilities
65,945
71,740
Total liabilities
2,753,012
2,705,376
Stockholders’ equity:
Preferred stock
—
—
Common stock
287
287
Additional paid-in capital
1,931,088
1,927,739
Retained earnings
297,966
234,077
Accumulated other comprehensive income (loss)
19,709
19,115
Treasury stock
(217,533
)
(217,479
)
Total Amkor stockholders’ equity
2,031,517
1,963,739
Non-controlling interests in subsidiaries
27,108
26,500
Total equity
2,058,625
1,990,239
Total liabilities and equity
$
4,811,637
$
4,695,615
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended March 31,
2020
2019
(In thousands)
Cash flows from operating activities:
Net income (loss)
$
64,497
$
(22,668
)
Depreciation and amortization
123,657
135,835
Other operating activities and non-cash items
8,287
15,928
Changes in assets and liabilities
(99,852
)
(77,038
)
Net cash provided by operating activities
96,589
52,057
Cash flows from investing activities:
Payments for property, plant and equipment
(55,888
)
(203,216
)
Proceeds from sale of property, plant and equipment
1,887
180
Proceeds from insurance recovery for property, plant and equipment
—
1,538
Payments for short-term investments
(55,754
)
—
Other investing activities
5,163
(569
)
Net cash used in investing activities
(104,592
)
(202,067
)
Cash flows from financing activities:
Proceeds from revolving credit facilities
201,000
—
Proceeds from short-term debt
14,086
29,781
Payments of short-term debt
(9,409
)
(10,588
)
Proceeds from issuance of long-term debt
24,000
572,375
Payments of long-term debt
(172,336
)
(63,636
)
Payments of finance lease obligations
(2,355
)
(1,376
)
Other financing activities
109
(2,848
)
Net cash provided by financing activities
55,095
523,708
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash
(300
)
(829
)
Net increase in cash, cash equivalents and restricted cash
46,792
372,869
Cash, cash equivalents and restricted cash, beginning of period
898,532
688,051
Cash, cash equivalents and restricted cash, end of period
$
945,324
$
1,060,920
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 statements including statements regarding the strength of the communications and consumer markets, statements regarding our strategic investments and discretionary spending 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, 2019 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/20200427005812/en/
Vincent Keenan Vice President, Investor Relations 480-786-7594 vincent.keenan@amkor.com
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