Amkor Technology Reports Financial Results for the Third Quarter 2017

In the press release above we refer to free cash flow, which is not defined by U.S. GAAP. We define free cash flow as net cash provided by operating activities less payments for property, plant and equipment, plus proceeds from the sale of and insurance recovery for property, plant and equipment, if applicable. We believe free cash flow to be relevant and useful information to our investors because it provides them with additional information in assessing our liquidity, capital resources and financial operating results. Our management uses free cash flow in evaluating our liquidity, our ability to service debt and our ability to fund capital expenditures. However, free cash flow has certain limitations, including that it does not represent the residual cash flow available for discretionary expenditures since other, non-discretionary expenditures, such as mandatory debt service, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. This measure should be considered in addition to, and not as a substitute for, or superior to, other measures of liquidity or financial performance prepared in accordance with U.S. GAAP, such as net cash provided by operating activities. Furthermore, our definition of free cash flow may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of free cash flow to U.S. GAAP net cash provided by operating activities.

         
Non-GAAP Financial Measures Reconciliation:
Q3 2017 Q2 2017 Q3 2016
(in millions)
Free Cash Flow Data:
Net cash provided by operating activities $ 214 $ 97 $ 219
Less: Purchases of property, plant and equipment (142 ) (183 ) (126 )
Plus: Proceeds from sale of property, plant and equipment 2   129   13  
Free cash flow $ 74   $ 43   $ 106  
 
     

AMKOR TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

For the Three Months Ended
September 30,

For the Nine Months Ended
September 30,

2017     2016 2017     2016
(In thousands, except per share data)
Net sales $ 1,135,027 $ 1,086,014 $ 3,038,074 $ 2,872,022
Cost of sales 918,389   872,214   2,506,295   2,403,732  
Gross profit 216,638   213,800   531,779   468,290  
Selling, general and administrative 75,567 72,363 220,045 216,894
Research and development 42,834 26,822 128,658 84,145
Gain on sale of real estate     (108,109 )  
Total operating expenses 118,401   99,185   240,594   301,039  
Operating income 98,237 114,615 291,185 167,251
Interest expense 20,321 21,488 63,733 58,496
Interest expense, related party 180 1,243 1,715 3,727
Other (income) expense, net 3,354   6,657   11,028   9,607  
Total other expense, net 23,855   29,388   76,476   71,830  
Income before taxes 74,382 85,227 214,709 95,421
Income tax expense 18,752   24,086   51,764   29,319  
Net income 55,630 61,141 162,945 66,102
Net income attributable to non-controlling interests (1,195 ) (1,052 ) (3,009 ) (2,175 )
Net income attributable to Amkor $ 54,435   $ 60,089   $ 159,936   $ 63,927  
 
Net income attributable to Amkor per common share:
Basic $ 0.23   $ 0.25   $ 0.67   $ 0.27  
Diluted $ 0.23   $ 0.25   $ 0.67   $ 0.27  
 
Shares used in computing per common share amounts:
Basic 239,068 237,353 238,873 237,157
Diluted 239,640 238,192 239,610 237,586
 
     

AMKOR TECHNOLOGY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

September 30,
2017

December 31,
2016

(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 519,449 $ 549,518
Restricted cash 2,000 2,000
Accounts receivable, net of allowances 691,700 563,107
Inventories 314,207 267,990
Other current assets 39,116   27,081  
Total current assets 1,566,472 1,409,696
Property, plant and equipment, net 2,706,715 2,564,648
Goodwill 25,076 24,122
Restricted cash 4,224 3,977
Other assets 109,782   89,643  
Total assets $ 4,412,269   $ 4,092,086  
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt $ 117,970 $ 35,192
Trade accounts payable 562,330 487,430
Capital expenditures payable 289,780 144,370
Accrued expenses 385,659   338,669  
Total current liabilities 1,355,739 1,005,661
Long-term debt 1,243,697 1,364,638
Long-term debt, related party 75,000
Pension and severance obligations 179,112 166,701
Other non-current liabilities 50,871   76,682  
Total liabilities 2,829,419   2,688,682  
 
Stockholders’ equity:
Preferred stock
Common stock 285 284
Additional paid-in capital 1,901,381 1,895,089
Accumulated deficit (143,621 ) (303,557 )
Accumulated other comprehensive income (loss) 18,309 6,262
Treasury stock (215,917 ) (214,490 )
Total Amkor stockholders’ equity 1,560,437 1,383,588
Non-controlling interests in subsidiaries 22,413   19,816  
Total equity 1,582,850   1,403,404  
Total liabilities and equity $ 4,412,269   $ 4,092,086  
 
 

AMKOR TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

For the Nine Months Ended
September 30,

2017     2016
(In thousands)
Cash flows from operating activities:
Net income $ 162,945 $ 66,102
Depreciation and amortization 435,667 416,517
Gain on sale of real estate (108,109 )
Other operating activities and non-cash items (9,763 ) (4,382 )
Changes in assets and liabilities (66,829 ) 13,379  
Net cash provided by operating activities 413,911   491,616  
Cash flows from investing activities:
Payments for property, plant and equipment (413,974 ) (481,670 )
Proceeds from sale of property, plant and equipment 133,320 13,687
Acquisition of business, net of cash acquired (43,771 )
Other investing activities (1,600 ) (143 )
Net cash used in investing activities (326,025 ) (468,126 )
Cash flows from financing activities:
Proceeds from revolving credit facilities 75,000 115,000
Payments of revolving credit facilities (155,000 )
Proceeds from short-term debt 50,333 27,594
Payments of short-term debt (52,068 ) (36,211 )
Proceeds from issuance of long-term debt 223,976 45,000
Payments of long-term debt (398,755 ) (12,955 )
Payments of long-term debt, related party (17,837 )
Payment of deferred consideration for purchase of facility (3,890 )
Payments of capital lease obligations (4,123 ) (1,691 )
Other financing activities 425   1,585  
Net cash used in financing activities (126,939 ) (16,678 )
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash 9,231   21,885  
Net increase (decrease) in cash, cash equivalents and restricted cash (29,822 ) 28,697
Cash, cash equivalents and restricted cash, beginning of period 555,495   527,348  
Cash, cash equivalents and restricted cash, end of period $ 525,673   $ 556,045  
 

« Previous Page 1 | 2 | 3 | 4 | 5 | 6  Next Page »



Review Article Be the first to review this article


Featured Video
Jobs
BIM Modeler for Woolpert at Oakbrook Terrace, Illinois
BIM Designer – Revit for Schneider Electric at Smyrna, Tennessee
Upcoming Events
InterDrone 2020 at Hyatt Regency Dallas TX - Dec 15 - 17, 2020
Milipol Asia-Pacific 2021 at Singapore - Mar 23 - 25, 2021
University of Denver GIS Masters Degree Online



© 2020 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise