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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 Ended | June 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)
| | | | | | | | | | | | | | |
Delaware | | | | 23-1722724 |
(State of incorporation) | | | | (I.R.S. Employer Identification Number) |
2045 East Innovation Circle
Tempe, AZ 85284
(Address of principal executive offices and zip code)
(480) 821-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
Common Stock, $0.001 par value | AMKR | The 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
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.
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, | | |
| 2020 | | 2019 | | 2020 | | 2019 |
| (In thousands, except per share data) | | | | | | |
Net sales | $ | 1,172,909 | | | $ | 895,305 | | | $ | 2,325,525 | | | $ | 1,790,269 | |
Cost of sales | 980,589 | | | 771,851 | | | 1,944,297 | | | 1,546,054 | |
Gross profit | 192,320 | | | 123,454 | | | 381,228 | | | 244,215 | |
Selling, general and administrative | 74,260 | | | 64,758 | | | 146,842 | | | 136,345 | |
Research and development | 31,536 | | | 36,186 | | | 63,789 | | | 71,940 | |
| | | | | | | |
Total operating expenses | 105,796 | | | 100,944 | | | 210,631 | | | 208,285 | |
Operating income | 86,524 | | | 22,510 | | | 170,597 | | | 35,930 | |
Interest expense | 16,012 | | | 18,653 | | | 33,057 | | | 37,926 | |
| | | | | | | |
Other (income) expense, net | 1,467 | | | 6,966 | | | (848) | | | 2,401 | |
Total other expense, net | 17,479 | | | 25,619 | | | 32,209 | | | 40,327 | |
Income (loss) before taxes | 69,045 | | | (3,109) | | | 138,388 | | | (4,397) | |
Income tax expense | 12,905 | | | 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: | | | | | | | |
Basic | 241,098 | | | 239,508 | | | 241,009 | | | 239,461 | |
Diluted | 241,410 | | | 239,508 | | | 241,345 | | | 239,461 | |
The accompanying notes are an integral part of these statements.
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended June 30, | | | | For the Six Months Ended June 30, | | |
| 2020 | | 2019 | | 2020 | | 2019 |
| (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 plans | 11 | | | (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.
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | |
| June 30, 2020 | | December 31, 2019 |
| (In thousands, except per share data) | | |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 783,228 | | | $ | 894,948 | |
Restricted cash | 931 | | | 610 | |
Short-term investments (amortized cost of $310,246 in 2020) | 310,634 | | | 6,348 | |
Accounts receivable, net of allowances | 898,717 | | | 850,753 | |
Inventories | 306,902 | | | 220,602 | |
Other current assets | 41,383 | | | 28,272 | |
Total current assets | 2,341,795 | | | 2,001,533 | |
Property, plant and equipment, net | 2,471,977 | | | 2,404,850 | |
Operating lease right of use assets | 146,013 | | | 148,549 | |
Goodwill | 26,140 | | | 25,976 | |
Restricted cash | 3,027 | | | 2,974 | |
Other assets | 126,436 | | | 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 payable | 583,341 | | | 571,054 | |
Capital expenditures payable | 259,344 | | | 77,044 | |
Accrued expenses | 291,278 | | | 267,226 | |
Total current liabilities | 1,282,835 | | | 1,059,803 | |
Long-term debt | 1,396,389 | | | 1,305,755 | |
Pension and severance obligations | 165,401 | | | 176,971 | |
Long-term operating lease liabilities | 87,204 | | | 91,107 | |
Other non-current liabilities | 66,631 | | | 71,740 | |
Total liabilities | 2,998,460 | | | 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 capital | 1,934,047 | | | 1,927,739 | |
Retained earnings | 353,390 | | | 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’ equity | 2,089,404 | | | 1,963,739 | |
Non-controlling interests in subsidiaries | 27,524 | | | 26,500 | |
Total equity | 2,116,928 | | | 1,990,239 | |
Total liabilities and equity | $ | 5,115,388 | | | $ | 4,695,615 | |
The accompanying notes are an integral part of these statements.
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Additional Paid- In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | | | | | Total Amkor Stockholders’ Equity | | Noncontrolling Interest in Subsidiaries | | Total Equity |
| Common Stock | | | | | | | | | | Treasury Stock | | | | | | | | |
| Shares | | Par Value | | | | | | | | Shares | | Cost | | | | | | |
| (In thousands) | | | | | | | | | | | | | | | | | | |
Balance at March 31, 2020 | 287,093 | | | $ | 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 plans | 226 | | | — | | | 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, 2020 | 287,319 | | | $ | 287 | | | $ | 1,934,047 | | | $ | 353,390 | | | $ | 19,272 | | | (46,083) | | | $ | (217,592) | | | $ | 2,089,404 | | | $ | 27,524 | | | $ | 2,116,928 | |
| | | | | | | | | | | | | | | | | | | |
Balance at December 31, 2019 | 286,877 | | | $ | 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 plans | 442 | | | — | | | 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, 2020 | 287,319 | | | $ | 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.
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Additional Paid- In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | | | | | Total Amkor Stockholders’ Equity | | Noncontrolling Interest in Subsidiaries | | Total Equity |
| Common Stock | | | | | | | | | | Treasury Stock | | | | | | | | |
| Shares | | Par Value | | | | | | | | Shares | | Cost | | | | | | |
| (In thousands) | | | | | | | | | | | | | | | | | | |
Balance at March 31, 2019 | 285,430 | | | $ | 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 plans | 80 | | | — | | | 150 | | | — | | | — | | | — | | | — | | | 150 | | | — | | | 150 | |
Share-based compensation | — | | | — | | | 1,774 | | | — | | | — | | | — | | | — | | | 1,774 | | | — | | | 1,774 | |
Subsidiary dividends to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (150) | | | (150) | |
Balance at June 30, 2019 | 285,510 | | | $ | 285 | | | $ | 1,913,103 | | | $ | 80,860 | | | $ | 27,317 | | | (45,978) | | | $ | (216,254) | | | $ | 1,805,311 | | | $ | 25,865 | | | $ | 1,831,176 | |
| | | | | | | | | | | | | | | | | | | |
Balance at December 31, 2018 | 285,352 | | | $ | 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 plans | 158 | | | — | | | 436 | | | — | | | — | | | — | | | — | | | 436 | | | — | | | 436 | |
Share-based compensation | — | | | — | | | 3,242 | | | — | | | — | | | — | | | — | | | 3,242 | | | — | | | 3,242 | |
Subsidiary dividends to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (150) | | | (150) | |
Balance at June 30, 2019 | 285,510 | | | $ | 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.
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | |
| For the Six Months Ended June 30, | | |
| 2020 | | 2019 |
| (In thousands) | | |
Cash flows from operating activities: | | | |
Net income (loss) | $ | 120,637 | | | $ | (31,674) | |
Depreciation and amortization | 248,036 | | | 268,819 | |
| | | |
| | | |
Other operating activities and non-cash items | 10,151 | | | 33,112 | |
Changes in assets and liabilities | (136,422) | | | (101,329) | |
Net cash provided by operating activities | 242,402 | | | 168,928 | |
Cash flows from investing activities: | | | |
Payments for property, plant and equipment | (134,340) | | | (273,672) | |
Proceeds from sale of property, plant and equipment | 2,389 | | | 8,247 | |
Proceeds from insurance recovery for property, plant and equipment | — | | | 1,538 | |
| | | |
| | | |
Proceeds from sale of short-term investments | 8,593 | | | — | |
Proceeds from maturities of short-term investments | 13,072 | | | 6,469 | |
Payments for short-term investments | (325,632) | | | (5,935) | |
Other investing activities | 805 | | | 2,330 | |
Net cash used in investing activities | (435,113) | | | (261,023) | |
Cash flows from financing activities: | | | |
Proceeds from revolving credit facilities | 282,000 | | | |