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)
February 14, 2022
(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.

On February 14, 2022, Amkor Technology, Inc. announced in a press release its financial performance for the fourth quarter and year ended December 31, 2021. The information in this Current Report on Form 8-K, including 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 liability under 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, Chief Financial Officer and Treasurer
Date: February 14, 2022


Amkor Technology Reports Record Financial Results
for the Fourth Quarter and Full Year 2021

TEMPE, Ariz. -- February 14, 2022 -- Amkor Technology, Inc. (Nasdaq: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the fourth quarter and full year ended December 31, 2021.

Fourth Quarter 2021 Highlights:
Record net sales $1.72 billion, up 3% sequentially and 26% year-on-year
Record gross profit $362 million, record operating income $252 million
Gross margin 21.0%, operating income margin 14.6%
Record net income $217 million, record earnings per diluted share $0.88

Full Year 2021 Highlights:
Record net sales $6.14 billion, up 22% year-on-year
Record gross profit $1,226 million, record operating income $763 million
Gross margin 20.0%, operating income margin 12.4%
Record net income $643 million, record earnings per diluted share $2.62
Net cash from operations $1,121 million, free cash flow $344 million

“Amkor delivered outstanding financial results in 2021. With continued momentum in the fourth quarter, we achieved record annual revenue of $6.14 billion, growing nearly 22% or $1.1 billion year-over-year. Strong execution, high factory utilization, and disciplined spending drove record EPS of $2.62,” said Giel Rutten, Amkor’s president and chief executive officer. “Our differentiated technology portfolio and deep customer and supplier relationships place us in a very strong market position, and we expect 2022 to be another year of growth.”

Quarterly Financial Results
($ in millions, except per share amounts)Q4 2021Q3 2021Q4 2020 (1)20212020 (1)
Net sales$1,725$1,681$1,371$6,138$5,051
Gross margin21.0%19.3%20.3%20.0%17.8%
Operating income$252$211$159$763$457
Operating income margin14.6%12.6%11.6%12.4%9.1%
Net income attributable to Amkor $217$181$127$643$338
Earnings per diluted share$0.88$0.74$0.52$2.62$1.40
EBITDA (2)$398$358$288$1,331$960
Annual free cash flow (2)$344$221
Net debt (2)$59$322
(1) Q4 and full year 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, free cash flow and net debt are non-GAAP measures. The reconciliations to the comparable GAAP measures are included below under “Selected Operating Data.”
At December 31, 2021, total cash and short-term investments was $1.08 billion, and total debt was $1.14 billion.

On November 16, 2021, Amkor’s Board of Directors announced a 25% increase in the company’s quarterly cash dividend, from $0.04 per share to $0.05 per share, on the company’s common stock. The increase was effective with the dividend paid on December 28, 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
The following information presents Amkor’s guidance for the first quarter 2022 (unless otherwise noted):

Net sales of $1.50 billion to $1.60 billion
Gross margin of 17.5% to 20.0%
Net income of $115 million to $165 million, or $0.45 to $0.65 per diluted share
Full year 2022 capital expenditures to be around $950 million
Conference Call Information
Amkor will conduct a conference call on Monday, February 14, 2022, 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

Q4 2021Q3 2021Q4 202020212020
Net Sales Data:
Net sales (in millions):
Advanced Products (1) (3)$1,273$1,236$972$4,409$3,605
Mainstream Products (2) (3)4524453991,7291,446
Total net sales$1,725$1,681$1,371$6,138$5,051
Packaging services86 %87 %85 %86 %85 %
Test services14 %13 %15 %14 %15 %
Net sales from top ten customers66 %64 %61 %63 %65 %
End Market Distribution Data:
Communications (smart phones, tablets)42 %43 %46 %41 %41 %
Consumer (AR & gaming, connected home, home electronics, wearables)22 %22 %19 %22 %24 %
Automotive and Industrial (ADAS, electrification, infotainment, safety)20 %20 %19 %21 %20 %
Computing (datacenter, infrastructure, PC/laptops, storage)16 %15 %16 %16 %15 %
Total100 %100 %100 %100 %100 %
Gross Margin Data:  
Net sales100.0 %100.0 %100.0 %100.0 %100.0 %
Cost of sales: 
Materials47.4 %48.3 %44.6 %46.1 %45.5 %
Labor11.4 %11.5 %12.9 %12.3 %13.4 %
Other manufacturing20.2 %20.9 %22.2 %21.6 %23.3 %
Gross margin21.0 %19.3 %20.3 %20.0 %17.8 %

(1) Advanced Products include flip chip and wafer-level processing and related test services.
(2) Mainstream Products include 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, and our ability to service debt, and our ability to fund capital expenditures and pay dividends. 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 Measures Reconciliation:
(in millions)Q4 2021Q3 2021Q4 202020212020
Net income$217 $182 $127 $646 $340 
Plus: Interest expense13 13 15 52 64 
Plus: Income tax expense25 17 13 69 46 
Plus: Depreciation & amortization143 146 133 564 510 
EBITDA$398 $358 $288 $1,331 $960 

Selected Operating Data

In this press release, 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, if applicable. 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, and our ability to service debt, and our ability to fund capital expenditures and pay dividends. 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:
(in millions)20212020
Free Cash Flow Data:
Net cash provided by operating activities$1,121 $770 
Less: Purchases of property, plant and equipment(780)(553)
Plus: Proceeds from sale of and insurance recovery for property, plant and equipment
Free cash flow$344 $221 

Selected Operating Data

This press release also includes net debt, which is not defined by U.S. GAAP. We define net debt as total debt as reported on the consolidated balance sheet less the sum of cash and cash equivalents, and short term investments. We believe net debt to be relevant and useful information to our investors because it provides them with additional information in assessing our capital structure, financial leverage, and our ability to reduce debt and to fund investing and financing activities. This measure should be considered in addition to, and not as a substitute for, or superior to, total debt prepared in accordance with U.S. GAAP. Furthermore, our definition of net debt may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of net debt to U.S. GAAP total debt.

Non-GAAP Financial Measure Reconciliation:
(in millions)20212020
Net Debt Data:
Total Debt$1,138 $1,154 
Less: Cash and Cash Equivalents(827)(698)
Less: Short-term Investments(252)(134)
Net Debt$59 $322 

(In thousands, except per share data)For the Three Months Ended December 31,For the Year Ended December 31,
Net sales$1,724,644 $1,371,041 $6,138,329 $5,050,589 
Cost of sales1,362,276 1,092,540 4,912,775 4,149,775 
Gross profit362,368 278,501 1,225,554 900,814 
Selling, general and administrative72,546 78,219 296,084 302,842 
Research and development37,413 41,103 166,037 140,727 
Total operating expenses109,959 119,322 462,121 443,569 
Operating income252,409 159,179 763,433 457,245 
Interest expense13,175 14,707 51,508 64,168 
Other (income) expense, net(2,633)4,828 (3,141)6,395 
Total other expense, net10,542 19,535 48,367 70,563 
Income before taxes241,867 139,644 715,066 386,682 
Income tax expense24,584 12,679 69,459 46,183 
Net income217,283 126,965 645,607 340,499 
Net income attributable to noncontrolling interests(757)(291)(2,612)(2,361)
Net income attributable to Amkor$216,526 $126,674 $642,995 $338,138 
Net income attributable to Amkor per common share:
Basic$0.89 $0.52 $2.64 $1.40 
Diluted$0.88 $0.52 $2.62 $1.40 
Shares used in computing per common share amounts:
Basic244,267 242,333 243,878 241,509 
Diluted245,894 243,356 245,704 242,248 

(In thousands)December 31,
Current assets:
Cash and cash equivalents$826,744 $698,002 
Restricted cash962 1,007 
Short-term investments251,530 133,769 
Accounts receivable, net of allowances1,258,767 962,643 
Inventories484,959 297,293 
Other current assets33,601 40,218 
Total current assets2,856,563 2,132,932 
Property, plant and equipment, net2,871,058 2,566,002 
Operating lease right of use assets159,742 147,236 
Goodwill24,516 27,325 
Restricted cash3,815 3,188 
Other assets122,860 145,628 
Total assets$6,038,554 $5,022,311 
Current liabilities:
Short-term borrowings and current portion of long-term debt$153,008 $149,007 
Trade accounts payable828,727 636,434 
Capital expenditures payable210,875 181,339 
Short-term operating lease liability64,233 49,748 
Accrued expenses422,892 299,459 
Total current liabilities1,679,735 1,315,987 
Long-term debt984,988 1,005,339 
Pension and severance obligations120,472 159,610 
Long-term operating lease liabilities83,937 84,420 
Other non-current liabilities196,876 102,996 
Total liabilities3,066,008 2,668,352 
Amkor stockholders’ equity:
Preferred stock— — 
Common stock290 289 
Additional paid-in capital1,977,134 1,953,378 
Retained earnings1,163,939 562,502 
Accumulated other comprehensive income19,978 27,270 
Treasury stock(219,065)(217,740)
Total Amkor stockholders’ equity2,942,276 2,325,699 
Noncontrolling interests in subsidiaries30,270 28,260 
Total equity2,972,546 2,353,959 
Total liabilities and equity$6,038,554 $5,022,311 


(In thousands)For the Year Ended December 31,
Cash flows from operating activities:
Net income$645,607 $340,499 
Depreciation and amortization563,582 510,396 
Other operating activities and non-cash items36,460 12,594 
Changes in assets and liabilities(124,354)(93,456)
Net cash provided by operating activities1,121,295 770,033 
Cash flows from investing activities:
Payments for property, plant and equipment(779,779)(553,021)
Proceeds from sale of property, plant and equipment3,157 3,819 
Proceeds from insurance recovery for property, plant and equipment104 — 
Payments for short-term investments(414,208)(535,368)
Proceeds from sale of short-term investments87,273 247,081 
Proceeds from maturities of short-term investments204,679 159,015 
Other investing activities(45,105)39,769 
Net cash used in investing activities(943,879)(638,705)
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(19,927)(87,353)
Proceeds from issuance of long-term debt353,587 331,033 
Payments of long-term debt(316,635)(648,514)
Payments of finance lease obligations(20,373)(9,851)
Payments of dividends(51,213)— 
Other financing activities8,945 14,197 
Net cash used in financing activities(30,102)(333,719)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash(17,990)6,056 
Net (decrease) increase in cash, cash equivalents and restricted cash129,324 (196,335)
Cash, cash equivalents and restricted cash, beginning of period702,197 898,532 
Cash, cash equivalents and restricted cash, end of period$831,521 $702,197 

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, include risks, uncertainties, assumptions and other factors that could affect future results and cause actual results and events to differ materially from those anticipated in such 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 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;
industry downturns and declines in global economic and financial conditions;
dependence on international factories and operations and risks relating to our customers’ and vendors’ international operations;
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;
our substantial investments in equipment and facilities to support the demand of our customers;
changes in our capacity and capacity utilization rates and fluctuations in our manufacturing yields;
competition with established competitors in the packaging and test business, the internal capabilities of integrated device manufacturers and new competitors, including foundries;
our substantial indebtedness and restrictive covenants in the indentures and agreements governing our current and future indebtedness;
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;
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;
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;

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.