Amkor Technology Reports Financial Results for the First 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. 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:      
Q1 2017 Q4 2016 Q1 2016
(in millions)
Free Cash Flow Data:
Net cash provided by operating activities $ 103 $ 238 $ 138
Less: Purchases of property, plant and equipment (88 ) (168 ) (199 )
Plus: Proceeds from sale of and insurance recovery for property, plant and equipment 2   47    
Free cash flow $ 17   $ 117   $ (61 )
 
 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

  For the Three Months Ended
March 31,
2017   2016
(In thousands, except per share data)
Net sales $ 913,600 $ 868,682
Cost of sales 770,694   745,798  
Gross profit 142,906   122,884  
Selling, general and administrative 76,695 73,635
Research and development 41,556   27,155  
Total operating expenses 118,251   100,790  
Operating income 24,655 22,094
Interest expense 21,254 16,192
Interest expense, related party 1,242 1,242
Other (income) expense, net 10,864   3,192  
Total other expense, net 33,360   20,626  
Income (loss) before taxes (8,705 ) 1,468
Income tax expense 439   1,873  
Net income (loss) (9,144 ) (405 )
Net income attributable to non-controlling interests (862 ) (470 )
Net income (loss) attributable to Amkor $ (10,006 ) $ (875 )
 
Net income (loss) attributable to Amkor per common share:
Basic $ (0.04 ) $  
Diluted $ (0.04 ) $  
 
Shares used in computing per common share amounts:
Basic 238,685 237,025
Diluted 238,685 237,025
 
 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

  March 31,
2017
  December 31,
2016
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 613,974 $ 549,518
Restricted cash 2,000 2,000
Accounts receivable, net of allowances 545,794 563,107
Inventories 267,208 267,990
Other current assets 70,722   27,081  
Total current assets 1,499,698 1,409,696
Property, plant and equipment, net 2,551,706 2,564,648
Goodwill 25,228 24,122
Restricted cash 4,263 3,977
Other assets 97,426   89,643  
Total assets $ 4,178,321   $ 4,092,086  
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt $ 36,927 $ 35,192
Trade accounts payable 453,686 487,430
Capital expenditures payable 209,831 144,370
Accrued expenses 338,663   338,669  
Total current liabilities 1,039,107 1,005,661
Long-term debt 1,450,737 1,364,638
Long-term debt, related party 35,000 75,000
Pension and severance obligations 177,374 166,701
Other non-current liabilities 67,174   76,682  
Total liabilities 2,769,392   2,688,682  
 
Stockholders’ equity:
Preferred stock
Common stock 285 284
Additional paid-in capital 1,896,286 1,895,089
Accumulated deficit (313,563 ) (303,557 )
Accumulated other comprehensive income (loss) 20,078 6,262
Treasury stock (214,700 ) (214,490 )
Total Amkor stockholders’ equity 1,388,386 1,383,588
Non-controlling interests in subsidiaries 20,543   19,816  
Total equity 1,408,929   1,403,404  
Total liabilities and equity $ 4,178,321   $ 4,092,086  
 
 

AMKOR TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 
  For the Three Months Ended
March 31,
2017   2016
(In thousands)
Cash flows from operating activities:
Net income (loss) $ (9,144 ) $ (405 )
Depreciation and amortization 141,816 137,136
Other operating activities and non-cash items (7,890 ) (3,944 )
Changes in assets and liabilities (22,105 ) 5,311  
Net cash provided by operating activities 102,677   138,098  
Cash flows from investing activities:
Payments for property, plant and equipment (88,285 ) (198,788 )
Proceeds from sale of property, plant and equipment 1,835 121
Other investing activities (2,492 ) (426 )
Net cash used in investing activities (88,942 ) (199,093 )
Cash flows from financing activities:
Payments under revolving credit facilities (40,000 )
Borrowings under short-term debt 13,275
Payments of short-term debt (14,073 ) (11,901 )
Proceeds from issuance of long-term debt 50,000
Payments of long-term debt (3,295 ) (4,204 )
Payments for debt issuance costs (156 ) (156 )
Payment of deferred consideration for purchase of facility (3,890 )
Payments for capital lease obligations (913 ) (401 )
Proceeds from the issuance of stock through share-based compensation plans 145
Payments of tax withholding for restricted shares (210 ) (119 )
Payments of subsidiary dividends to non-controlling interests (135 ) (135 )
Net cash provided by (used in) financing activities 40,748   (56,916 )
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash 10,259   8,250  
Net increase (decrease) in cash, cash equivalents and restricted cash 64,742 (109,661 )
Cash, cash equivalents and restricted cash, beginning of period 555,495   527,348  
Cash, cash equivalents and restricted cash, end of period $ 620,237   $ 417,687  
 

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