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, 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: |
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||||||
|
Q3 2021 |
|
Q2 2021 |
|
Q3 2020 |
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(in millions) |
||||||||||
EBITDA Data: |
|
|
|
|
|
||||||
Net income |
$ |
182 |
|
|
$ |
126 |
|
|
$ |
93 |
|
Plus: Interest expense |
13 |
|
|
13 |
|
|
16 |
|
|||
Plus: Income tax expense |
17 |
|
|
16 |
|
|
16 |
|
|||
Plus: Depreciation & amortization |
146 |
|
|
140 |
|
|
130 |
|
|||
EBITDA |
$ |
358 |
|
|
$ |
295 |
|
|
$ |
255 |
|
AMKOR TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
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For the Three Months Ended September 30, |
|
For the Nine Months Ended September 30, |
||||||||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||||||
|
|
(In thousands, except per share data) |
||||||||||||||||||
| Net sales |
$ |
1,681,000 |
|
|
|
$ |
1,354,023 |
|
|
|
$ |
4,413,685 |
|
|
|
$ |
3,679,548 |
|
|
| Cost of sales |
1,356,168 |
|
|
|
1,112,938 |
|
|
|
3,550,499 |
|
|
|
3,057,235 |
|
|
||||
| Gross profit |
324,832 |
|
|
|
241,085 |
|
|
|
863,186 |
|
|
|
622,313 |
|
|
||||
| Selling, general and administrative |
72,581 |
|
|
|
77,781 |
|
|
|
223,538 |
|
|
|
224,623 |
|
|
||||
| Research and development |
40,790 |
|
|
|
35,835 |
|
|
|
128,624 |
|
|
|
99,624 |
|
|
||||
| Total operating expenses |
113,371 |
|
|
|
113,616 |
|
|
|
352,162 |
|
|
|
324,247 |
|
|
||||
| Operating income |
211,461 |
|
|
|
127,469 |
|
|
|
511,024 |
|
|
|
298,066 |
|
|
||||
| Interest expense |
12,896 |
|
|
|
16,404 |
|
|
|
38,333 |
|
|
|
49,461 |
|
|
||||
| Other (income) expense, net |
(501 |
) |
|
|
2,415 |
|
|
|
(508 |
) |
|
|
1,567 |
|
|
||||
| Total other expense, net |
12,395 |
|
|
|
18,819 |
|
|
|
37,825 |
|
|
|
51,028 |
|
|
||||
| Income before taxes |
199,066 |
|
|
|
108,650 |
|
|
|
473,199 |
|
|
|
247,038 |
|
|
||||
| Income tax expense |
17,219 |
|
|
|
15,753 |
|
|
|
44,875 |
|
|
|
33,504 |
|
|
||||
| Net income |
181,847 |
|
|
|
92,897 |
|
|
|
428,324 |
|
|
|
213,534 |
|
|
||||
| Net income attributable to non-controlling interests |
(993 |
) |
|
|
(746 |
) |
|
|
(1,855 |
) |
|
|
(2,070 |
) |
|
||||
| Net income attributable to Amkor |
$ |
180,854 |
|
|
|
$ |
92,151 |
|
|
|
$ |
426,469 |
|
|
|
$ |
211,464 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
| Net income attributable to Amkor per common share: |
|
|
|
|
|
|
|
||||||||||||
| Basic |
$ |
0.74 |
|
|
|
$ |
0.38 |
|
|
|
$ |
1.75 |
|
|
|
$ |
0.88 |
|
|
| Diluted |
$ |
0.74 |
|
|
|
$ |
0.38 |
|
|
|
$ |
1.74 |
|
|
|
$ |
0.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
| Shares used in computing per common share amounts: |
|
|
|
|
|
|
|
||||||||||||
| Basic |
244,100 |
|
|
|
241,675 |
|
|
|
243,746 |
|
|
|
241,232 |
|
|
||||
| Diluted |
245,942 |
|
|
|
242,592 |
|
|
|
245,611 |
|
|
|
241,937 |
|
|
||||
| AMKOR TECHNOLOGY, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||||||
|
|
September 30, 2021 |
|
December 31, 2020 |
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|
(In thousands) |
||||||||
| ASSETS |
|||||||||
| Current assets: |
|
|
|
||||||
| Cash and cash equivalents |
$ |
545,592 |
|
|
|
$ |
698,002 |
|
|
| Restricted cash |
929 |
|
|
|
1,007 |
|
|
||
| Short-term investments |
244,470 |
|
|
|
133,769 |
|
|
||
| Accounts receivable, net of allowances |
1,289,617 |
|
|
|
962,643 |
|
|
||
| Inventories |
445,918 |
|
|
|
297,293 |
|
|
||
| Other current assets |
48,598 |
|
|
|
40,218 |
|
|
||
| Total current assets |
2,575,124 |
|
|
|
2,132,932 |
|
|
||
| Property, plant and equipment, net |
2,901,564 |
|
|
|
2,566,002 |
|
|
||
| Operating lease right of use assets |
146,210 |
|
|
|
147,236 |
|
|
||
| Goodwill |
25,351 |
|
|
|
27,325 |
|
|
||
| Restricted cash |
3,508 |
|
|
|
3,188 |
|
|
||
| Other assets |
118,691 |
|
|
|
145,628 |
|
|
||
| Total assets |
$ |
5,770,448 |
|
|
|
$ |
5,022,311 |
|
|
| LIABILITIES AND EQUITY |
|||||||||
| Current liabilities: |
|
|
|
||||||
| Short-term borrowings and current portion of long-term debt |
$ |
140,380 |
|
|
|
$ |
149,007 |
|
|
| Trade accounts payable |
815,877 |
|
|
|
636,434 |
|
|
||
| Capital expenditures payable |
393,660 |
|
|
|
181,339 |
|
|
||
| Accrued expenses |
389,068 |
|
|
|
349,207 |
|
|
||
| Total current liabilities |
1,738,985 |
|
|
|
1,315,987 |
|
|
||
| Long-term debt |
884,236 |
|
|
|
1,005,339 |
|
|
||
| Pension and severance obligations |
145,633 |
|
|
|
159,610 |
|
|
||
| Long-term operating lease liabilities |
76,955 |
|
|
|
84,420 |
|
|
||
| Other non-current liabilities |
164,960 |
|
|
|
102,996 |
|
|
||
| Total liabilities |
3,010,769 |
|
|
|
2,668,352 |
|
|
||
|
|
|
|
|
||||||
| Stockholders’ equity: |
|
|
|
||||||
| Preferred stock |
— |
|
|
|
— |
|
|
||
| Common stock |
290 |
|
|
|
289 |
|
|
||
| Additional paid-in capital |
1,973,207 |
|
|
|
1,953,378 |
|
|
||
| Retained earnings |
959,641 |
|
|
|
562,502 |
|
|
||
| Accumulated other comprehensive income (loss) |
15,936 |
|
|
|
27,270 |
|
|
||
| Treasury stock |
(219,061 |
) |
|
|
(217,740 |
) |
|
||
| Total Amkor stockholders’ equity |
2,730,013 |
|
|
|
2,325,699 |
|
|
||
| Non-controlling interests in subsidiaries |
29,666 |
|
|
|
28,260 |
|
|
||
| Total equity |
2,759,679 |
|
|
|
2,353,959 |
|
|
||
| Total liabilities and equity |
$ |
5,770,448 |
|
|
|
$ |
5,022,311 |
|
|
| AMKOR TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||||||
|
|
|
||||||||
|
|
For the Nine Months Ended September 30, |
||||||||
|
|
2021 |
|
|
2020 |
|
||||
|
|
(In thousands) |
||||||||
| Cash flows from operating activities: |
|
|
|
||||||
| Net income |
$ |
428,324 |
|
|
|
$ |
213,534 |
|
|
| Depreciation and amortization |
420,970 |
|
|
|
377,722 |
|
|
||
| Other operating activities and non-cash items |
22,222 |
|
|
|
20,368 |
|
|
||
| Changes in assets and liabilities |
(239,897 |
) |
|
|
(177,576 |
) |
|
||
| Net cash provided by operating activities |
631,619 |
|
|
|
434,048 |
|
|
||
| Cash flows from investing activities: |
|
|
|
||||||
| Payments for property, plant and equipment |
(491,425 |
) |
|
|
(275,531 |
) |
|
||
| Proceeds from sale of property, plant and equipment |
2,722 |
|
|
|
2,710 |
|
|
||
| Payments for short-term investments |
(348,822 |
) |
|
|
(475,696 |
) |
|
||
| Proceeds from sale of short-term investments |
70,085 |
|
|
|
37,633 |
|
|
||
| Proceeds from maturities of short-term investments |
165,774 |
|
|
|
86,216 |
|
|
||
| Other investing activities |
(34,703 |
) |
|
|
13,331 |
|
|
||
| Net cash used in investing activities |
(636,369 |
) |
|
|
(611,337 |
) |
|
||
| Cash flows from financing activities: |
|
|
|
||||||
| Proceeds from revolving credit facilities |
— |
|
|
|
312,000 |
|
|
||
| Payments of revolving credit facilities |
— |
|
|
|
(332,000 |
) |
|
||
| Proceeds from short-term debt |
15,514 |
|
|
|
86,769 |
|
|
||
| Payments of short-term debt |
(14,228 |
) |
|
|
(76,004 |
) |
|
||
| Proceeds from issuance of long-term debt |
154,784 |
|
|
|
225,985 |
|
|
||
| Payments of long-term debt |
(250,402 |
) |
|
|
(370,426 |
) |
|
||
| Payments of finance lease obligations |
(12,785 |
) |
|
|
(7,193 |
) |
|
||
| Payments of dividends |
(38,993 |
) |
|
|
— |
|
|
||
| Other financing activities |
9,462 |
|
|
|
7,707 |
|
|
||
| Net cash used in financing activities |
(136,648 |
) |
|
|
(153,162 |
) |
|
||
| Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash |
(10,770 |
) |
|
|
2,696 |
|
|
||
| Net decrease in cash, cash equivalents and restricted cash |
(152,168 |
) |
|
|
(327,755 |
) |
|
||
| Cash, cash equivalents and restricted cash, beginning of period |
702,197 |
|
|
|
898,532 |
|
|
||
| Cash, cash equivalents and restricted cash, end of period |
$ |
550,029 |
|
|
|
$ |
570,777 |
|
|
