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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period EndedJune 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to          
Commission File Number 000-29472
AMKOR TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
Delaware23-1722724
(State of incorporation)(I.R.S. Employer
Identification Number)
2045 East Innovation Circle
Tempe, AZ 85284
(Address of principal executive offices and zip code)
(480821-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, $0.001 par valueAMKRThe NASDAQ Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days.  Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer

Accelerated filer

Non-accelerated filer 

Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No
The number of outstanding shares of the registrant’s Common Stock as of July 24, 2020 was 241,369,553.




QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended June 30, 2020

TABLE OF CONTENTS
Page
This report contains forward-looking statements within the meaning of the federal securities laws, including but not limited to statements regarding (1) the amount, timing and focus of our expected capital investments in 2020 including expenditures in support of advanced packaging and test equipment, (2) our ability to fund our operating activities and financial requirements for the next twelve months, (3) the effect of changes in revenue levels and capacity utilization on our gross margin, (4) the impact of the novel coronavirus disease, or Covid-19, pandemic on our operations and financial results, (5) the focus of our research and development activities, (6) the anticipated impact of the Tax Cuts and Jobs Act (the “Tax Act”) and tax law changes in the jurisdictions in which we operate, (7) the grant and expiration of tax holidays in jurisdictions in which we operate and expectations regarding our effective tax rate and the availability of tax incentives, (8) the creation or release of valuation allowances related to taxes in the future, (9) our repurchase or repayment of outstanding debt, (10) payment of dividends, (11) compliance with our covenants, (12) expected contributions to foreign pension plans, (13) liability for unrecognized tax benefits and the potential impact of our unrecognized tax benefits on our effective tax rate, (14) expected timing of and charges related to restructuring activities, (15) the effect of foreign currency exchange rate exposure on our financial results, (16) the volatility of the trading price of our common stock, (17) changes to our internal controls related to integration of acquired operations and implementation of an enterprise resource planning system, (18) our efforts to enlarge our customer base in certain geographic areas and markets, (19) demand for advanced packages in mobile and automotive devices and our technology leadership and potential growth in this market, (20) projects to install and integrate new information technology systems or upgrade our existing systems and (21) other statements that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “intend” or the negative of these terms or other comparable terminology. 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 those set forth in the following report as well as in Part II, Item 1A of this Quarterly Report on Form 10-Q.

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Table of Contents

PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months Ended June 30,For the Six Months Ended June 30,
2020201920202019
(In thousands, except per share data)
Net sales$1,172,909  $895,305  $2,325,525  $1,790,269  
Cost of sales980,589  771,851  1,944,297  1,546,054  
Gross profit192,320  123,454  381,228  244,215  
Selling, general and administrative74,260  64,758  146,842  136,345  
Research and development31,536  36,186  63,789  71,940  
Total operating expenses105,796  100,944  210,631  208,285  
Operating income86,524  22,510  170,597  35,930  
Interest expense16,012  18,653  33,057  37,926  
Other (income) expense, net1,467  6,966  (848) 2,401  
Total other expense, net17,479  25,619  32,209  40,327  
Income (loss) before taxes69,045  (3,109) 138,388  (4,397) 
Income tax expense12,905  5,897  17,751  27,277  
Net income (loss)56,140  (9,006) 120,637  (31,674) 
Net income attributable to non-controlling interests(716) (444) (1,324) (655) 
Net income (loss) attributable to Amkor$55,424  $(9,450) $119,313  $(32,329) 
Net income (loss) attributable to Amkor per common share:  
Basic$0.23  $(0.04) $0.50  $(0.14) 
Diluted$0.23  $(0.04) $0.49  $(0.14) 
Shares used in computing per common share amounts: 
Basic241,098  239,508  241,009  239,461  
Diluted241,410  239,508  241,345  239,461  
The accompanying notes are an integral part of these statements.

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Table of Contents

AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

For the Three Months Ended June 30,For the Six Months Ended June 30,
2020201920202019
(In thousands)
Net income (loss)$56,140  $(9,006) $120,637  $(31,674) 
Other comprehensive income (loss), net of tax:
Adjustments to net unrealized gains (losses) on available-for-sale debt investments
251    358    
Adjustments to unrealized components of defined benefit pension plans11  (57) 23  (189) 
Foreign currency translation(699) 5,918  (224) 3,694  
Total other comprehensive income (loss)(437) 5,861  157  3,505  
Comprehensive income (loss)55,703  (3,145) 120,794  (28,169) 
Comprehensive income attributable to non-controlling interests(716) (444) (1,324) (655) 
Comprehensive income (loss) attributable to Amkor$54,987  $(3,589) $119,470  $(28,824) 
The accompanying notes are an integral part of these statements.

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Table of Contents

AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)

June 30, 2020December 31, 2019
(In thousands, except per share data)
ASSETS
Current assets:  
Cash and cash equivalents$783,228  $894,948  
Restricted cash931  610  
Short-term investments (amortized cost of $310,246 in 2020)
310,634  6,348  
Accounts receivable, net of allowances898,717  850,753  
Inventories306,902  220,602  
Other current assets41,383  28,272  
Total current assets2,341,795  2,001,533  
Property, plant and equipment, net2,471,977  2,404,850  
Operating lease right of use assets 146,013  148,549  
Goodwill26,140  25,976  
Restricted cash3,027  2,974  
Other assets126,436  111,733  
Total assets$5,115,388  $4,695,615  
LIABILITIES AND EQUITY
Current liabilities:  
Short-term borrowings and current portion of long-term debt$148,872  $144,479  
Trade accounts payable583,341  571,054  
Capital expenditures payable259,344  77,044  
Accrued expenses291,278  267,226  
Total current liabilities1,282,835  1,059,803  
Long-term debt1,396,389  1,305,755  
Pension and severance obligations165,401  176,971  
Long-term operating lease liabilities87,204  91,107  
Other non-current liabilities66,631  71,740  
Total liabilities2,998,460  2,705,376  
Commitments and contingencies (Note 14)
Stockholders’ equity:  
Preferred stock, $0.001 par value, 10,000 shares authorized, designated Series A, none issued
    
Common stock, $0.001 par value, 500,000 shares authorized; 287,319 and 286,877 shares issued; and 241,236 and 240,805 shares outstanding in 2020 and 2019, respectively
287  287  
Additional paid-in capital1,934,047  1,927,739  
Retained earnings353,390  234,077  
Accumulated other comprehensive income (loss)19,272  19,115  
Treasury stock, at cost, 46,083 and 46,072 shares, in 2020 and 2019, respectively
(217,592) (217,479) 
Total Amkor stockholders’ equity2,089,404  1,963,739  
Non-controlling interests in subsidiaries27,524  26,500  
Total equity2,116,928  1,990,239  
Total liabilities and equity$5,115,388  $4,695,615  
The accompanying notes are an integral part of these statements.

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AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Additional Paid-
In Capital
Retained EarningsAccumulated
Other
Comprehensive
Income (Loss)
Total Amkor
Stockholders’
Equity
Noncontrolling
Interest in
Subsidiaries
Total
Equity
Common StockTreasury Stock
SharesPar ValueSharesCost
(In thousands)
Balance at March 31, 2020287,093  $287  $1,931,088  $297,966  $19,709  (46,077) $(217,533) $2,031,517  $27,108  $2,058,625  
Net income (loss)—  —  —  55,424  —  —  —  55,424  716  56,140  
Other comprehensive income (loss)—  —  —  —  (437) —  —  (437) —  (437) 
Treasury stock acquired through surrender of shares for tax withholding—  —  —  —  —  (6) (59) (59) —  (59) 
Issuance of stock through share-based compensation plans226  —  1,222  —  —  —  —  1,222  —  1,222  
Share-based compensation—  —  1,737  —  —  —  —  1,737  —  1,737  
Subsidiary dividends to noncontrolling interests—  —  —  —  —  —  —  —  (300) (300) 
Balance at June 30, 2020287,319  $287  $1,934,047  $353,390  $19,272  (46,083) $(217,592) $2,089,404  $27,524  $2,116,928  
Balance at December 31, 2019286,877  $287  $1,927,739  $234,077  $19,115  (46,072) $(217,479) $1,963,739  $26,500  $1,990,239  
Net income (loss)—  —  —  119,313  —  —  —  119,313  1,324  120,637  
Other comprehensive income (loss)—  —  —  —  157  —  —  157  —  157  
Treasury stock acquired through surrender of shares for tax withholding—  —  —  —  —  (11) (113) (113) —  (113) 
Issuance of stock through share-based compensation plans442  —  2,741  —  —  —  —  2,741  —  2,741  
Share-based compensation—  —  3,567  —  —  —  —  3,567  —  3,567  
Subsidiary dividends to noncontrolling interests—  —  —  —  —  —  —  —  (300) (300) 
Balance at June 30, 2020287,319  $287  $1,934,047  $353,390  $19,272  (46,083) $(217,592) $2,089,404  $27,524  $2,116,928  
The accompanying notes are an integral part of these statements.


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AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Additional Paid-
In Capital
Retained EarningsAccumulated
Other
Comprehensive
Income (Loss)
Total Amkor
Stockholders’
Equity
Noncontrolling
Interest in
Subsidiaries
Total
Equity
Common StockTreasury Stock
SharesPar ValueSharesCost
(In thousands)
Balance at March 31, 2019285,430  $285  $1,911,179  $90,310  $21,456  (45,972) $(216,219) $1,807,011  $25,571  $1,832,582  
Net income (loss)—  —  —  (9,450) —  —  —  (9,450) 444  (9,006) 
Other comprehensive income (loss)—  —  —  —  5,861  —  —  5,861  —  5,861  
Treasury stock acquired through surrender of shares for tax withholding—  —  —  —  —  (6) (35) (35) —  (35) 
Issuance of stock through share-based compensation plans80  —  150  —  —  —  —  150  —  150  
Share-based compensation—  —  1,774  —  —  —  —  1,774  —  1,774  
Subsidiary dividends to noncontrolling interests—  —  —  —  —  —  —  —  (150) (150) 
Balance at June 30, 2019285,510  $285  $1,913,103  $80,860  $27,317  (45,978) $(216,254) $1,805,311  $25,865  $1,831,176  
Balance at December 31, 2018285,352  $285  $1,909,425  $113,189  $23,812  (45,967) $(216,171) $1,830,540  $25,360  $1,855,900  
Net income (loss)—  —  —  (32,329) —  —  —  (32,329) 655  (31,674) 
Other comprehensive income (loss)—  —  —  —  3,505  —  —  3,505  —  3,505  
Treasury stock acquired through surrender of shares for tax withholding—  —  —  —  —  (11) (83) (83) —  (83) 
Issuance of stock through share-based compensation plans158  —  436  —  —  —  —  436  —  436  
Share-based compensation—  —  3,242  —  —  —  —  3,242  —  3,242  
Subsidiary dividends to noncontrolling interests—  —  —  —  —  —  —  —  (150) (150) 
Balance at June 30, 2019285,510  $285  $1,913,103  $80,860  $27,317  (45,978) $(216,254) $1,805,311  $25,865  $1,831,176  
The accompanying notes are an integral part of these statements.


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AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

For the Six Months Ended June 30,
 20202019
 (In thousands)
Cash flows from operating activities:  
Net income (loss)$120,637  $(31,674) 
Depreciation and amortization248,036  268,819  
Other operating activities and non-cash items10,151  33,112  
Changes in assets and liabilities(136,422) (101,329) 
Net cash provided by operating activities242,402  168,928  
Cash flows from investing activities:  
Payments for property, plant and equipment(134,340) (273,672) 
Proceeds from sale of property, plant and equipment2,389  8,247  
Proceeds from insurance recovery for property, plant and equipment  1,538  
Proceeds from sale of short-term investments8,593    
Proceeds from maturities of short-term investments13,072  6,469  
Payments for short-term investments(325,632) (5,935) 
Other investing activities805  2,330  
Net cash used in investing activities(435,113) (261,023) 
Cash flows from financing activities:  
Proceeds from revolving credit facilities282,000