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)
October 25, 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 and nine months ended September 30, 2021 and forward-looking statements relating to the fourth quarter and full year 2021 as presented in a press release dated October 25, 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: October 25, 2021


Amkor Technology Reports Record Financial Results for the Third Quarter 2021

Third Quarter Highlights
Record net sales $1.68 billion, up 20% sequentially and 24% year-on-year
Record gross profit $325 million, record operating income $211 million
Gross margin 19.3%, operating income margin 12.6%
Record net income $181 million, record earnings per diluted share $0.74
Record EBITDA $358 million

TEMPE, Ariz. - October 25, 2021 - Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the third quarter ended September 30, 2021.

“We delivered an outstanding third quarter with record revenue of $1.68 billion, up $274 million from the second quarter, reflecting a 20% sequential increase. All of our end markets set new record revenue levels this quarter,” said Giel Rutten, Amkor’s president and chief executive officer. “The organization rapidly and efficiently scaled for substantial growth, including ramps of multiple new product introductions in Communications and Consumer.”

ResultsQ3 2021Q2 2021Q3 2020
($ in millions, except per share data)
Net sales$1,681$1,407$1,354
Gross margin19.3%19.4%17.8%
Operating income$211$155$127
Operating income margin12.6%11.0%9.4%
Net income attributable to Amkor$181$126$92
Earnings per diluted share$0.74$0.51$0.38
EBITDA (1)$358$295$255

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

“High utilization and excellent factory execution drove record profitability in the third quarter,” said Megan Faust, Amkor’s executive vice president and chief financial officer. “With gross profit of $325 million and operating income of $211 million, we posted EPS of $0.74, nearly double the prior year period.”

At September 30, 2021, total cash and short-term investments was $0.8 billion, and total debt was $1.0 billion.

The company paid a quarterly dividend of $0.04 per share, representing a dividend payment of $9.8 million in the aggregate, on September 30, 2021 to stockholders of record as of September 7, 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 expect our momentum to continue in the fourth quarter, with 20% year-on-year revenue growth for both the quarter and the full year,” said Rutten. “We remain confident in our strong market position within the fastest growing semiconductor markets of 5G, Automotive, High Performance Computing and IoT.”

Fourth quarter 2021 outlook (unless otherwise noted):

Net sales of $1.59 billion to $1.69 billion
Gross margin of 18.0% to 20.5%
Net income of $140 million to $190 million, or $0.55 to $0.75 per diluted share
Full year 2021 capital expenditures of approximately $775 million

Conference Call Information

Amkor will conduct a conference call on Monday, October 25, 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 The live call can also be accessed by dialing 1-877-407-4019 or 1-201-689-8337.

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
Q3 2021Q2 2021Q3 2020
Net Sales Data:   
Net sales (in millions):   
Advanced products (1) (3)$1,236 $980 $1,003 
Mainstream products (2) (3)445 427 351 
Total net sales$1,681 $1,407 $1,354 
Packaging services87 %85 %86 %
Test services13 %15 %14 %
Net sales from top ten customers64 %61 %63 %
End Market Data:
Communications (handheld devices, smartphones, tablets)43 %40 %43 %
Consumer (connected home, set-top boxes, televisions, visual imaging, wearables)
22 %22 %25 %
Automotive, industrial and other (driver assist, infotainment, performance, safety)
20 %22 %17 %
Computing (data center, infrastructure, PC/laptop, storage)
15 %16 %15 %
Total100 %100 %100 %
Gross Margin Data:
Net sales100.0 %100.0 %100.0 %
Cost of sales:
Materials48.3 %44.7 %46.9 %
Labor11.5 %13.1 %12.8 %
Other manufacturing20.9 %22.8 %22.5 %
Gross margin19.3 %19.4 %17.8 %

(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:
Q3 2021Q2 2021Q3 2020
(in millions)
Net income$182 $126 $93 
Plus: Interest expense13 13 16 
Plus: Income tax expense17 16 16 
Plus: Depreciation & amortization146 140 130 
EBITDA$358 $295 $255 

For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In thousands, except per share data)
Net sales$1,681,000 $1,354,023 $4,413,685 $3,679,548 
Cost of sales1,356,168 1,112,938 3,550,499 3,057,235 
Gross profit324,832 241,085 863,186 622,313 
Selling, general and administrative72,581 77,781 223,538 224,623 
Research and development40,790 35,835 128,624 99,624 
Total operating expenses113,371 113,616 352,162 324,247 
Operating income211,461 127,469 511,024 298,066 
Interest expense12,896 16,404 38,333 49,461 
Other (income) expense, net(501)2,415 (508)1,567 
Total other expense, net12,395 18,819 37,825 51,028 
Income before taxes199,066 108,650 473,199 247,038 
Income tax expense17,219 15,753 44,875 33,504 
Net income181,847 92,897 428,324 213,534 
Net income attributable to non-controlling interests(993)(746)(1,855)(2,070)
Net income attributable to Amkor$180,854 $92,151 $426,469 $211,464 
Net income attributable to Amkor per common share:
Basic$0.74 $0.38 $1.75 $0.88 
Diluted$0.74 $0.38 $1.74 $0.87 
Shares used in computing per common share amounts:
Basic244,100 241,675 243,746 241,232 
Diluted245,942 242,592 245,611 241,937 


September 30, 2021December 31, 2020
(In thousands)
Current assets:
Cash and cash equivalents$545,592 $698,002 
Restricted cash929 1,007 
Short-term investments244,470 133,769 
Accounts receivable, net of allowances1,289,617 962,643 
Inventories445,918 297,293 
Other current assets48,598 40,218 
Total current assets2,575,124 2,132,932 
Property, plant and equipment, net2,901,564 2,566,002 
Operating lease right of use assets 146,210 147,236 
Goodwill25,351 27,325 
Restricted cash3,508 3,188 
Other assets118,691 145,628 
Total assets$5,770,448 $5,022,311 
Current liabilities:
Short-term borrowings and current portion of long-term debt$140,380 $149,007 
Trade accounts payable815,877 636,434 
Capital expenditures payable393,660 181,339 
Accrued expenses389,068 349,207 
Total current liabilities1,738,985 1,315,987 
Long-term debt884,236 1,005,339 
Pension and severance obligations145,633 159,610 
Long-term operating lease liabilities76,955 84,420 
Other non-current liabilities164,960 102,996 
Total liabilities3,010,769 2,668,352 
Stockholders’ equity:
Preferred stock— — 
Common stock290 289 
Additional paid-in capital1,973,207 1,953,378 
Retained earnings959,641 562,502 
Accumulated other comprehensive income (loss)15,936 27,270 
Treasury stock(219,061)(217,740)
Total Amkor stockholders’ equity2,730,013 2,325,699 
Non-controlling interests in subsidiaries29,666 28,260 
Total equity2,759,679 2,353,959 
Total liabilities and equity$5,770,448 $5,022,311 

For the Nine Months Ended September 30,
(In thousands)
Cash flows from operating activities:
Net income$428,324 $213,534 
Depreciation and amortization420,970 377,722 
Other operating activities and non-cash items22,222 20,368 
Changes in assets and liabilities(239,897)(177,576)
Net cash provided by operating activities631,619 434,048 
Cash flows from investing activities:
Payments for property, plant and equipment(491,425)(275,531)
Proceeds from sale of property, plant and equipment2,722 2,710 
Payments for short-term investments(348,822)(475,696)
Proceeds from sale of short-term investments70,085 37,633 
Proceeds from maturities of short-term investments165,774 86,216 
Other investing activities(34,703)13,331 
Net cash used in investing activities(636,369)(611,337)
Cash flows from financing activities:
Proceeds from revolving credit facilities— 312,000 
Payments of revolving credit facilities— (332,000)
Proceeds from short-term debt15,514 86,769 
Payments of short-term debt(14,228)(76,004)
Proceeds from issuance of long-term debt154,784 225,985 
Payments of long-term debt(250,402)(370,426)
Payments of finance lease obligations(12,785)(7,193)
Payments of dividends(38,993)— 
Other financing activities9,462 7,707 
Net cash used in financing activities(136,648)(153,162)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash(10,770)2,696 
Net decrease in cash, cash equivalents and restricted cash(152,168)(327,755)
Cash, cash equivalents and restricted cash, beginning of period702,197 898,532 
Cash, cash equivalents and restricted cash, end of period$550,029 $570,777 

Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of federal securities laws. You are cautioned not to place undue reliance on forward-looking statements, which are often characterized by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or “intend,” by the negative of these terms or other comparable terminology or by discussions of strategy, plans or intentions. These forward-looking statements, including all of the statements made under “Business Outlook” above, 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;
changes in cost, 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;
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 services technologies, which may cause production delays, lower manufacturing yields and supply constraints for new wafers and other materials;
the 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;
dependence on key customers or concentration of customers in certain end markets, such as Communications and Automotive and Industrial;
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 and national security, data privacy and cybersecurity, antitrust and competition, tax, currency and banking, labor, environmental, health and safety laws;
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;
our substantial investments in equipment and facilities to support the demand of our customers;
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;
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, 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 (the “Form 10-K”) and in the company’s subsequent filings with the Securities and Exchange Commission (“SEC”) made prior to or after the date hereof. 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 Form 10-K and from time to time in our other reports filed with or furnished to the SEC. You should carefully consider the trends, risks and uncertainties described in this press release, the Form 10-K and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of the following trends, risks or uncertainties actually occurs or continues, our business, financial condition or operating results could be materially adversely affected, the trading prices of our securities could decline, and you could lose part or all of your investment. All forward-looking statements in this press release are made based on our current expectations, forecasts, estimates and assumptions. 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. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.