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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-3.60 | -9.44% | 34.55 | 34.51 | 35.29 | 39.15 | 37.355 | 38.56 | 2,859,783 | 00:50:01 |
Amkor Technology, Inc. (Nasdaq: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights
“Amkor delivered second quarter results in line with expectations. Revenue of $1.46 billion was up 7% sequentially, driven by Advanced packaging supporting premium tier smartphones and AI solutions utilizing 2.5D technology,” said Giel Rutten, Amkor’s president and chief executive officer. “Strength in the Communications and Computing end markets was partially offset by soft demand and ongoing inventory corrections in the Automotive & Industrial and Consumer end markets.”
Quarterly Financial Results
($ in millions, except per share data)
Q2 2024
Q1 2024
Q2 2023
Net sales
$
1,461
$
1,366
$
1,458
Gross margin
14.5
%
14.8
%
12.8
%
Operating income
$
82
$
73
$
76
Operating income margin
5.6
%
5.4
%
5.2
%
Net income attributable to Amkor
$
67
$
59
$
64
Earnings per diluted share
$
0.27
$
0.24
$
0.26
EBITDA (1)
$
247
$
233
$
245
(1) EBITDA is a non-GAAP measure. The reconciliation to the comparable GAAP measure is included below under “Selected Operating Data.”
At June 30, 2024, total cash and short-term investments was $1.5 billion, and total debt was $1.1 billion.
The company paid a quarterly dividend of $0.07875 per share on June 24, 2024. The declaration and payment of future dividends, as well as any record and payment dates, are subject to the approval of the Board of Directors.
Business Outlook
The following information presents Amkor’s guidance for the third quarter 2024 (unless otherwise noted):
Conference Call Information
Amkor will conduct a conference call on Monday, July 29, 2024, at 5:00 p.m. Eastern Time. This call may include material information not included in this press release. To access the live audio webcast and the accompanying slide presentation, visit the Investor Relations section of Amkor’s website, located at ir.amkor.com. The live call can also be accessed by dialing 1-877-407-4019 or 1-201-689-8337.
About Amkor Technology, Inc.
Amkor Technology, Inc. is the world's largest US headquartered OSAT (outsourced semiconductor assembly and test) service provider. Since its founding in 1968, Amkor has pioneered the outsourcing of IC packaging and test services and is a strategic manufacturing partner for the world's leading semiconductor companies, foundries, and electronics OEMs. Amkor provides turnkey manufacturing services for the communication, automotive and industrial, computing, and consumer industries, including but not limited to smartphones, electric vehicles, data centers, artificial intelligence and wearables. Amkor's operational base includes production facilities, research and development centers, and sales and support offices located in key electronics manufacturing regions in Asia, Europe and the United States. For more information visit amkor.com.
AMKOR TECHNOLOGY, INC.
Selected Operating Data
Q2 2024
Q1 2024
Q2 2023
Net Sales Data:
Net sales (in millions):
Advanced products (1)
$
1,180
$
1,070
$
1,084
Mainstream products (2)
281
296
374
Total net sales
$
1,461
$
1,366
$
1,458
Packaging services
88
%
87
%
88
%
Test services
12
%
13
%
12
%
Net sales from top ten customers
72
%
70
%
66
%
End Market Distribution Data:
Communications (smartphones, tablets)
48
%
47
%
41
%
Automotive, industrial and other (ADAS, electrification, infotainment, safety)
20
%
22
%
23
%
Computing (data center, infrastructure, PC/laptop, storage)
20
%
17
%
20
%
Consumer (AR & gaming, connected home, home electronics, wearables)
12
%
14
%
16
%
Total
100
%
100
%
100
%
Gross Margin Data:
Net sales
100.0
%
100.0
%
100.0
%
Cost of sales:
Materials
54.0
%
51.9
%
53.6
%
Labor
10.4
%
11.2
%
10.9
%
Other manufacturing
21.1
%
22.1
%
22.7
%
Gross margin
14.5
%
14.8
%
12.8
%
(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, 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 2024
Q1 2024
Q2 2023
EBITDA Data:
Net income
$
67
$
60
$
64
Plus: Interest expense
16
16
14
Plus: Income tax expense
14
12
9
Plus: Depreciation & amortization
150
145
158
EBITDA
$
247
$
233
$
245
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,
2024*
2023
2024*
2023
Net sales
$
1,461,474
$
1,457,922
$
2,826,985
$
2,929,461
Cost of sales
1,249,099
1,271,052
2,412,967
2,548,170
Gross profit
212,375
186,870
414,018
381,291
Selling, general and administrative
91,280
64,860
181,626
143,531
Research and development
39,568
45,688
77,739
92,735
Total operating expenses
130,848
110,548
259,365
236,266
Operating income
81,527
76,322
154,653
145,025
Interest expense
15,805
14,354
32,244
30,521
Other (income) expense, net
(15,848
)
(11,883
)
(31,143
)
(15,435
)
Total other (income) expense, net
(43
)
2,471
1,101
15,086
Income before taxes
81,570
73,851
153,552
129,939
Income tax expense
14,312
9,407
26,508
20,271
Net income
67,258
64,444
127,044
109,668
Net income attributable to non-controlling interests
(361
)
(158
)
(1,250
)
(31
)
Net income attributable to Amkor
$
66,897
$
64,286
$
125,794
$
109,637
Net income attributable to Amkor per common share:
Basic
$
0.27
$
0.26
$
0.51
$
0.45
Diluted
$
0.27
$
0.26
$
0.51
$
0.44
Shares used in computing per common share amounts:
Basic
246,228
245,637
246,118
245,485
Diluted
247,860
246,964
247,790
247,046
*We periodically assess the estimated useful lives of our property, plant and equipment. Based on our assessment of test equipment and its increased interchangeability enabling broader and longer use, we extended the estimated useful lives of test equipment from five years to seven years as of January 1, 2024. As a result, depreciation expense was reduced by approximately $15 million and $31 million for the three and six months ended June 30, 2024, respectively. This benefited net income by approximately $13 million and $25 million and diluted earnings per share by $0.05 and $0.10 for each period, respectively.
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
1,079,663
$
1,119,818
Short-term investments
465,804
474,869
Accounts receivable, net of allowances
1,147,940
1,149,493
Inventories
379,259
393,128
Other current assets
64,175
58,502
Total current assets
3,136,841
3,195,810
Property, plant and equipment, net
3,480,996
3,299,445
Operating lease right of use assets
105,527
117,006
Goodwill
17,536
20,003
Restricted cash
762
799
Other assets
123,888
138,062
Total assets
$
6,865,550
$
6,771,125
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt
$
154,403
$
131,624
Trade accounts payable
734,755
754,453
Capital expenditures payable
274,702
106,368
Short-term operating lease liability
23,987
33,616
Accrued expenses
318,753
358,414
Total current liabilities
1,506,600
1,384,475
Long-term debt
949,320
1,071,832
Pension and severance obligations
78,423
87,133
Long-term operating lease liabilities
54,550
56,837
Other non-current liabilities
193,323
175,813
Total liabilities
2,782,216
2,776,090
Stockholders’ equity:
Preferred stock
—
—
Common stock
293
292
Additional paid-in capital
2,022,512
2,008,170
Retained earnings
2,246,795
2,159,831
Accumulated other comprehensive income (loss)
4,214
16,350
Treasury stock
(224,157
)
(222,335
)
Total Amkor stockholders’ equity
4,049,657
3,962,308
Non-controlling interests in subsidiaries
33,677
32,727
Total equity
4,083,334
3,995,035
Total liabilities and equity
$
6,865,550
$
6,771,125
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
For the Six Months Ended June 30,
2024
2023
Cash flows from operating activities:
Net income
$
127,044
$
109,668
Depreciation and amortization
294,874
314,647
Other operating activities and non-cash items
17,966
4,784
Changes in assets and liabilities
(52,816
)
(6,521
)
Net cash provided by operating activities
387,068
422,578
Cash flows from investing activities:
Payments for property, plant and equipment
(262,543
)
(282,309
)
Proceeds from sale of property, plant and equipment
4,813
1,107
Proceeds from foreign exchange forward contracts
5,088
22,451
Payments for foreign exchange forward contracts
(43,091
)
(50,170
)
Payments for short-term investments
(279,526
)
(355,135
)
Proceeds from sale of short-term investments
30,914
47,000
Proceeds from maturities of short-term investments
263,932
193,315
Other investing activities
5,354
4,869
Net cash used in investing activities
(275,059
)
(418,872
)
Cash flows from financing activities:
Proceeds from revolving credit facilities
—
370,000
Payments of revolving credit facilities
—
(370,000
)
Proceeds from short-term debt
5,012
11,043
Payments of short-term debt
(8,055
)
(11,149
)
Proceeds from long-term debt
58,727
—
Payments of long-term debt
(116,921
)
(72,061
)
Payments of finance lease obligations
(38,678
)
(31,129
)
Payments of dividends
(38,778
)
(36,874
)
Other financing activities
216
(1,589
)
Net cash used in financing activities
(138,477
)
(141,759
)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash
(13,724
)
(16,091
)
Net decrease in cash, cash equivalents and restricted cash
(40,192
)
(154,144
)
Cash, cash equivalents and restricted cash, beginning of period
1,120,617
962,406
Cash, cash equivalents and restricted cash, end of period
$
1,080,425
$
808,262
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. You are cautioned not to place undue reliance on forward-looking statements, which are often characterized by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or “intend,” by the negative of these terms or other comparable terminology or by discussions of strategy, plans or intentions. All forward-looking statements in this press release are made based on our current expectations, forecasts, estimates and assumptions. Because such statements include risks and uncertainties, actual results may differ materially from those anticipated in such forward-looking statements as a result of various factors, 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, 2023 (the “Form 10-K”) and from time to time in our other reports filed with or furnished to the Securities and Exchange Commission (“SEC”). You should carefully consider the trends, risks and uncertainties described in this press release, the Form 10-K and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties continues or occurs, our business, financial condition or operating results could be materially and adversely affected, the trading prices of our securities could decline, and you could lose part or all of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. We assume 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 applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240729580620/en/
Jennifer Jue Vice President, Investor Relations and Finance 480-786-7594 jennifer.jue@amkor.com
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