Washington, DC 20549

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
April 26, 2021
(Exact name of registrant as specified in its charter)
Delaware 000-29472 23-1722724
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

TEMPE, AZ 85284
(Address of principal executive offices, including zip code)

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.  o

Item 2.02. Results of Operations and Financial Condition

Attached hereto as Exhibit 99.1 and incorporated by reference herein is financial information for Amkor Technology, Inc. for the three months ended March 31, 2021 and forward-looking statements relating to the second quarter and full year 2021 as presented in a press release dated April 26, 2021. The information in this Form 8-K and the exhibit attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Megan Faust
Megan Faust
Executive Vice President and Chief Financial Officer
Date: April 26, 2021


Amkor Technology Reports Financial Results for the First Quarter 2021

First Quarter Highlights
Record first quarter net sales $1.33 billion, up 15% year-on-year
Gross margin 20.0%, operating income margin 10.9%
Net income $120 million, earnings per diluted share $0.49
EBITDA $280 million

TEMPE, Ariz. - April 26, 2021 - Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the first quarter ended March 31, 2021.

“Amkor delivered a first quarter revenue record of $1.33 billion, a 15% increase over the first quarter of last year,” said Giel Rutten, Amkor’s president and chief executive officer. “Continued strength in Advanced packaging and year-on-year growth of 13% in our Mainstream business led to better than seasonal results in Communications and to sequential growth in Automotive & Industrial, Consumer, and Computing end markets.”
ResultsQ1 2021Q4 2020 (1)Q1 2020
($ in millions, except per share data)
Net sales$1,326$1,371$1,153
Gross margin20.0%20.3%16.4%
Operating income$144$159$84
Operating income margin10.9%11.6%7.3%
Net income attributable to Amkor$120$127$64
Earnings per diluted share$0.49$0.52$0.26
EBITDA (2)$280$288$210
(1) Q4 2020 net income includes a $20 million discrete income tax benefit, or $0.08 per diluted share, primarily related to changes in the valuation of certain deferred tax assets.

(2) EBITDA is a non-GAAP financial measure. The reconciliation to the comparable GAAP financial measure is included below under “Selected Operating Data.”

“We continued to operate at high utilization rates across our factories in the quarter, driving significant improvement in year-on-year profitability to 20% gross margin and 11% operating income margin. EPS of $0.49 is a first quarter record,” said Megan Faust, Amkor’s executive vice president and chief financial officer. “Strong operating results and a solid balance sheet provide us the ability to invest in future growth, particularly for Advanced packaging technologies.”

At March 31, 2021, total cash and short-term investments was $0.8 billion, and total debt was $1.1 billion.

We paid a quarterly dividend of $0.04 per share, representing a dividend payment of $9.7 million in the aggregate, on March 15, 2021 to stockholders of record as of February 23, 2021. The declaration and payment of future dividends, as well as any record and payment dates, are subject to the approval of the Board of Directors.

Business Outlook
“We believe the second quarter will be another solid quarter, with revenue of $1.34 billion at the midpoint of our guidance. Our forecast reflects capacity constraints in wafers and substrates that are expected to affect portions of the supply chain in the near term, and we are working closely with our customers and suppliers to mitigate the impact,” said Rutten. “Overall, we continue to see solid demand across all of our key markets and remain confident that our strong position in Advanced packaging will enable us to outgrow the semiconductor market in 2021.”

Second quarter 2021 outlook (unless otherwise noted):

Net sales of $1.29 billion to $1.39 billion
Gross margin of 17% to 20%
Net income of $77 million to $127 million, or $0.32 to $0.52 per diluted share
Full year 2021 capital expenditures of approximately $700 million

Conference Call Information

Amkor will conduct a conference call on Monday, April 26, 2021, at 5:00 p.m. Eastern Time. This call may include material information not included in this press release. To access the live audio webcast and the accompanying slide presentation, visit the Investor Relations section of Amkor’s website, located at You may also access the call by dialing 1-877-407-4019 or 1-201-689-8337. A replay of the call will be made available at Amkor’s website or by dialing 1-877-660-6853 or 1-201-612-7415 (conference ID 13718212).

About Amkor Technology, Inc.

Amkor Technology, Inc. is one of the world’s largest providers of outsourced semiconductor packaging and test services. Founded in 1968, Amkor pioneered the outsourcing of IC packaging and test and is now a strategic manufacturing partner for the world’s leading semiconductor companies, foundries and electronics OEMs. Amkor’s operational base includes production facilities, product development centers, and sales and support offices located in key electronics manufacturing regions in Asia, Europe and the USA. For more information, visit


Jennifer Jue
Senior Director, Investor Relations and Finance

Selected Operating Data
Q1 2021Q4 2020Q1 2020
Net Sales Data:   
Net sales (in millions):   
Advanced products (1) (3)$921 $972 $795 
Mainstream products (2) (3)405 399 358 
Total net sales$1,326 $1,371 $1,153 
Packaging services85 %85 %85 %
Test services15 %15 %15 %
Net sales from top ten customers61 %61 %67 %
End Market Data:
Communications (handheld devices, smartphones, tablets)40 %46 %38 %
Consumer (connected home, set-top boxes, televisions, visual imaging, wearables)
21 %19 %24 %
Automotive, industrial and other (driver assist, infotainment, performance, safety)
22 %19 %23 %
Computing (data center, infrastructure, PC/laptop, storage)
17 %16 %15 %
Total100 %100 %100 %
Gross Margin Data:
Net sales100.0 %100.0 %100.0 %
Cost of sales:
Materials43.2 %44.6 %45.3 %
Labor13.8 %12.9 %14.2 %
Other manufacturing23.0 %22.2 %24.1 %
Gross margin20.0 %20.3 %16.4 %

(1) Advanced products include flip chip, memory and wafer-level processing and related test services.
(2) Mainstream products include all other wirebond packaging and related test services
(3) Beginning in 2021, we are reporting memory net sales in Advanced products. Previously memory net sales were reported in Mainstream products. Prior year amounts were reclassified to conform to current year presentation.

Selected Operating Data
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:
Q1 2021Q4 2020Q1 2020
(in millions)
Net income$120 $127 $64 
Plus: Interest expense13 15 17 
Plus: Income tax expense12 13 
Plus: Depreciation & amortization135 133 124 
EBITDA$280 $288 $210 

For the Three Months Ended March 31,
(In thousands, except per share data)
Net sales$1,326,150 $1,152,616 
Cost of sales1,060,616 963,708 
Gross profit265,534 188,908 
Selling, general and administrative76,768 72,582 
Research and development44,318 32,253 
Total operating expenses121,086 104,835 
Operating income144,448 84,073 
Interest expense12,673 17,045 
Other (income) expense, net89 (2,315)
Total other expense, net12,762 14,730 
Income before taxes131,686 69,343 
Income tax expense11,667 4,846 
Net income120,019 64,497 
Net income attributable to non-controlling interests(210)(608)
Net income attributable to Amkor$119,809 $63,889 
Net income attributable to Amkor per common share:
Basic$0.49 $0.27 
Diluted$0.49 $0.26 
Shares used in computing per common share amounts:
Basic243,267 240,919 
Diluted245,129 241,333 


March 31, 2021December 31, 2020
(In thousands)
Current assets:
Cash and cash equivalents$650,274 $698,002 
Restricted cash933 1,007 
Short-term investments163,693 133,769 
Accounts receivable, net of allowances950,015 962,643 
Inventories307,545 297,293 
Other current assets41,594 40,218 
Total current assets2,114,054 2,132,932 
Property, plant and equipment, net2,623,470 2,566,002 
Operating lease right of use assets 141,247 147,236 
Goodwill25,481 27,325 
Restricted cash3,565 3,188 
Other assets145,648 145,628 
Total assets$5,053,465 $5,022,311 
Current liabilities:
Short-term borrowings and current portion of long-term debt$135,405 $149,007 
Trade accounts payable602,962 636,434 
Capital expenditures payable273,934 181,339 
Accrued expenses304,556 349,207 
Total current liabilities1,316,857 1,315,987 
Long-term debt952,366 1,005,339 
Pension and severance obligations146,118 159,610 
Long-term operating lease liabilities77,651 84,420 
Other non-current liabilities98,236 102,996 
Total liabilities2,591,228 2,668,352 
Stockholders’ equity:
Preferred stock— — 
Common stock290 289 
Additional paid-in capital1,964,331 1,953,378 
Retained earnings672,534 562,502 
Accumulated other comprehensive income (loss)15,823 27,270 
Treasury stock(219,061)(217,740)
Total Amkor stockholders’ equity2,433,917 2,325,699 
Non-controlling interests in subsidiaries28,320 28,260 
Total equity2,462,237 2,353,959 
Total liabilities and equity$5,053,465 $5,022,311 

For the Three Months Ended March 31,
(In thousands)
Cash flows from operating activities:
Net income$120,019 $64,497 
Depreciation and amortization135,390 123,657 
Other operating activities and non-cash items2,370 8,287 
Changes in assets and liabilities(80,991)(99,852)
Net cash provided by operating activities176,788 96,589 
Cash flows from investing activities:
Payments for property, plant and equipment(110,351)(55,888)
Proceeds from sale of property, plant and equipment547 1,887 
Proceeds from sale of short-term investments19,838 31 
Proceeds from maturities of short-term investments43,790 6,134 
Payments for short-term investments(92,879)(55,754)
Other investing activities(25,317)(1,002)
Net cash used in investing activities(164,372)(104,592)
Cash flows from financing activities:
Proceeds from revolving credit facilities— 201,000 
Proceeds from short-term debt3,679 14,086 
Payments of short-term debt(7,803)(9,409)
Proceeds from issuance of long-term debt50,000 24,000 
Payments of long-term debt(79,684)(172,336)
Payments of finance lease obligations(3,216)(2,355)
Payments of dividends(19,457)— 
Other financing activities7,037 109 
Net cash (used in) provided by financing activities(49,444)55,095 
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash(10,397)(300)
Net (decrease) increase in cash, cash equivalents and restricted cash(47,425)46,792 
Cash, cash equivalents and restricted cash, beginning of period702,197 898,532 
Cash, cash equivalents and restricted cash, end of period$654,772 $945,324 

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical fact are considered forward-looking statements, including all of the statements made under “Business Outlook” above. These forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could affect future results and cause actual results and events to differ materially from historical and expected results and those expressed or implied in the forward-looking statements, including, but not limited to, the following:
health conditions or pandemics, such as COVID-19, impacting labor availability and operating capacity, capital availability, the supply chain and consumer demand for our customers’ products and services;
dependence on the highly cyclical, volatile semiconductor industry;
industry downturns and declines in global economic and financial conditions;
fluctuation in demand for semiconductors and conditions in the semiconductor industry generally, as well as by specific customers, such as inventory reductions by our customers impacting demand in key markets;
changes in our capacity and capacity utilization rates and fluctuations in our manufacturing yields;
the development, transition and ramp to high volume manufacture of more advanced silicon nodes and evolving wafer, packaging and test technologies may cause production delays, lower manufacturing yields and supply constraints for new wafers and other materials;
absence of backlog, the short-term nature of our customers’ commitments, double bookings by customers and deterioration in customer forecasts and the impact of these factors, including the possible delay, rescheduling and cancellation of large orders, or the timing and volume of orders relative to our production capacity;
changes in costs, quality, availability and delivery times of raw materials, components and equipment, including any disruption in the supply of certain materials due to regulations and customer requirements, as well as supply constraints, production delays, fluctuations in commodity prices and wage inflation;
dependence on key customers or concentration of customers in certain end markets, such as Communications and Automotive;
dependence on international factories and operations and risks relating to our customers’ and vendors’ international operations;
laws, rules, regulations and policies imposed by U.S. or other governments, such as tariffs, customs, duties and other restrictive trade barriers, national security, data privacy and cybersecurity, antitrust and competition, tax, currency and banking, labor, environmental, health and safety, and in particular the recent increase in tariffs, customs, duties and other restrictive trade barriers considered or adopted by U.S. and other governments;
laws, rules, regulations and policies within China and other countries that may favor domestic companies over non-domestic companies, including customer- or government-supported efforts to promote the development and growth of local competitors;
fluctuations in currency exchange rates, particularly the dollar/yen exchange rate for our operations in Japan;
competition with established competitors in the packaging and test business, the internal capabilities of integrated device manufacturers and new competitors, including foundries;
decisions by our integrated device manufacturer and foundry customers to curtail outsourcing;
difficulty achieving high capacity utilization rates due to high percentage of fixed costs;
our substantial investments in equipment and facilities to support the demand of our customers;
the utilization level of our factory and research and development center in Korea and, the scope, costs, timeline or benefits of the project;
the historical downward pressure on the prices of our packaging and test services;

any warranty claims, product return and liability risks, and the risk of negative publicity if our products fail, as well as the risk of litigation incident to our business;
our substantial indebtedness and restrictive covenants in the indentures and agreements governing our current and future indebtedness;
the possibility that we may decrease or suspend our quarterly dividend;
difficulty funding our liquidity needs;
our significant severance plan obligations associated with our manufacturing operations in Korea;
maintaining an effective system of internal controls;
difficulty attracting, retaining or replacing qualified personnel;
our continuing development and implementation of changes to, and maintenance and security of, our information technology systems;
challenges with integrating diverse operations;
any changes in tax laws, taxing authorities not agreeing with our interpretation of applicable tax laws, including whether we continue to qualify for tax holidays, or any requirements to establish or adjust valuation allowances on deferred tax assets;
our ability to develop new proprietary technology, protect our proprietary technology, operate without infringing the proprietary rights of others and implement new technologies;
natural disasters and other calamities, health conditions or pandemics, political instability, hostilities or other disruptions; and
the ability of certain of our stockholders to effectively determine or substantially influence the outcome of matters requiring stockholder approval.
Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect our operating results and financial condition are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2020 and in the company’s subsequent filings with the Securities and Exchange Commission made prior to or after the date hereof. Amkor undertakes no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release except as may be required by law.