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 31, 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 October 31, 2022, Amkor Technology, Inc. announced in a press release its financial performance for the three and nine months ended September 30, 2022. 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: October 31, 2022


Amkor Technology Reports Record Financial Results for the Third Quarter 2022

TEMPE, Ariz. -- October 31, 2022 -- 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, 2022.

Record Third Quarter 2022 Highlights
Net sales $2.1 billion, up 24% year-on-year
Gross profit $421 million, operating income $319 million
Net income $306 million, earnings per diluted share $1.24
EBITDA $481 million

“Amkor delivered outstanding results in the third quarter. Revenue of $2.1 billion and EPS of $1.24 are quarterly records, with all end markets hitting new record revenue levels. Quality execution of steep production ramps for new high-volume products drove this excellent performance,” said Giel Rutten, Amkor’s president and chief executive officer. “Despite macroeconomic uncertainty, we remain well positioned to execute on our strategy, leveraging our leadership position in Advanced packaging and our broad geographic footprint to support the industry megatrends of 5G, IoT, Automotive, and HPC.”

Quarterly Financial Results

($ in millions, except per share data)
Q3 2022Q2 2022Q3 2021
Net sales$2,084$1,505$1,681
Gross margin20.2%16.6%19.3%
Operating income$319$143$211
Operating income margin15.3%9.5%12.6%
Net income attributable to Amkor$306$125$181
Earnings per diluted share$1.24$0.51$0.74
EBITDA (1)$481$302$358

(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.”

At September 30, 2022, total cash and short-term investments was $0.9 billion, and total debt was $1.1 billion.

The company paid a quarterly dividend of $0.05 per share on September 26, 2022. 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 fourth quarter 2022 (unless otherwise noted):

Net sales of $1.80 billion to $1.90 billion
Gross margin of 16.0% to 18.0%
Net income of $150 million to $195 million, or $0.60 to $0.80 per diluted share
Full year 2022 capital expenditures of approximately $900 million


Conference Call Information

Amkor will conduct a conference call on Monday, October 31, 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
Q3 2022Q2 2022Q3 2021
Net Sales Data:   
Net sales (in millions):   
Advanced products (1)$1,640 $1,084 $1,236 
Mainstream products (2)444 421 445 
Total net sales$2,084 $1,505 $1,681 
Packaging services87 %87 %87 %
Test services13 %13 %13 %
Net sales from top ten customers67 %65 %64 %
End Market Data:
Communications (smart phones, tablets)47 %37 %43 %
Consumer (AR & gaming, connected home, home electronics, wearables)20 %22 %22 %
Automotive, industrial and other (ADAS, electrification, infotainment, safety)18 %23 %20 %
Computing (data center, infrastructure, PC/laptop, storage)15 %18 %15 %
Total100 %100 %100 %
Gross Margin Data:
Net sales100.0 %100.0 %100.0 %
Cost of sales:
Materials53.3 %49.2 %48.3 %
Labor8.6 %11.8 %11.5 %
Other manufacturing17.9 %22.4 %20.9 %
Gross margin20.2 %16.6 %19.3 %

(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.


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 Measure Reconciliation:
(in millions)Q3 2022Q2 2022Q3 2021
Net income$306 $125 $182 
Plus: Interest expense15 15 13 
Plus: Income tax expense11 17 
Plus: Depreciation & amortization156 151 146 
EBITDA$481 $302 $358 


(In thousands, except per share data)
For the Three Months Ended September 30,For the Nine Months Ended September 30,
Net sales$2,083,691 $1,681,000 $5,185,375 $4,413,685 
Cost of sales1,662,463 1,356,168 4,189,662 3,550,499 
Gross profit421,228 324,832 995,713 863,186 
Selling, general and administrative67,947 72,581 213,774 223,538 
Research and development33,994 40,790 109,835 128,624 
Total operating expenses101,941 113,371 323,609 352,162 
Operating income319,287 211,461 672,104 511,024 
Interest expense14,879 12,896 43,620 38,333 
Other (income) expense, net(5,692)(501)(18,829)(508)
Total other expense, net9,187 12,395 24,791 37,825 
Income before taxes310,100 199,066 647,313 473,199 
Income tax expense3,643 17,219 44,159 44,875 
Net income306,457 181,847 603,154 428,324 
Net income attributable to non-controlling interests(376)(993)(1,632)(1,855)
Net income attributable to Amkor$306,081 $180,854 $601,522 $426,469 
Net income attributable to Amkor per common share:
Basic$1.25 $0.74 $2.46 $1.75 
Diluted$1.24 $0.74 $2.45 $1.74 
Shares used in computing per common share amounts:
Basic244,744 244,100 244,581 243,746 
Diluted246,094 245,942 246,015 245,611 


(In thousands)

September 30, 2022December 31, 2021
Current assets:
Cash and cash equivalents$624,084 $826,744 
Restricted cash— 962 
Short-term investments308,063 251,530 
Accounts receivable, net of allowances1,550,517 1,258,767 
Inventories669,297 484,959 
Other current assets49,185 33,601 
Total current assets3,201,146 2,856,563 
Property, plant and equipment, net3,087,061 2,871,058 
Operating lease right of use assets 168,778 159,742 
Goodwill19,492 24,516 
Restricted cash3,235 3,815 
Other assets214,212 122,860 
Total assets$6,693,924 $6,038,554 
Current liabilities:
Short-term borrowings and current portion of long-term debt$123,521 $153,008 
Trade accounts payable927,527 828,727 
Capital expenditures payable287,936 210,875 
Short-term operating lease liability69,161 64,233 
Accrued expenses381,012 422,892 
Total current liabilities1,789,157 1,679,735 
Long-term debt1,001,544 984,988 
Pension and severance obligations104,206 120,472 
Long-term operating lease liabilities73,776 83,937 
Other non-current liabilities206,398 196,876 
Total liabilities3,175,081 3,066,008 
Stockholders’ equity:
Preferred stock— — 
Common stock291 290 
Additional paid-in capital1,991,045 1,977,134 
Retained earnings1,728,740 1,163,939 
Accumulated other comprehensive income (loss)(13,583)19,978 
Treasury stock(219,147)(219,065)
Total Amkor stockholders’ equity3,487,346 2,942,276 
Non-controlling interests in subsidiaries31,497 30,270 
Total equity3,518,843 2,972,546 
Total liabilities and equity$6,693,924 $6,038,554 

(In thousands)
For the Nine Months Ended September 30,
Cash flows from operating activities:
Net income$603,154 $428,324 
Depreciation and amortization455,679 420,970 
Other operating activities and non-cash items(20,396)22,222 
Changes in assets and liabilities(492,673)(239,897)
Net cash provided by operating activities545,764 631,619 
Cash flows from investing activities:
Payments for property, plant and equipment(575,502)(491,425)
Proceeds from sale of property, plant and equipment2,691 2,722 
Payments for short-term investments(364,274)(348,822)
Proceeds from sale of short-term investments26,202 70,085 
Proceeds from maturities of short-term investments274,452 165,774 
Other investing activities(86,785)(34,703)
Net cash used in investing activities(723,216)(636,369)
Cash flows from financing activities:
Proceeds from revolving credit facilities80,000 — 
Payments of revolving credit facilities(80,000)— 
Proceeds from short-term debt29,711 15,514 
Payments of short-term debt(21,662)(14,228)
Proceeds from issuance of long-term debt250,000 154,784 
Payments of long-term debt(183,493)(250,402)
Payments of finance lease obligations(26,938)(12,785)
Payments of dividends(36,725)(38,993)
Other financing activities(4,152)9,462 
Net cash provided by (used in) in financing activities6,741 (136,648)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash(33,491)(10,770)
Net decrease in cash, cash equivalents and restricted cash(204,202)(152,168)
Cash, cash equivalents and restricted cash, beginning of period831,521 702,197 
Cash, cash equivalents and restricted cash, end of period$627,319 $550,029 

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements within the meaning of the 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. All forward-looking statements in this press release are made based on our current expectations, forecasts, estimates and assumptions. 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, 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;
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 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, export controls, sanctions 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;
our substantial indebtedness and restrictive covenants in the indentures and agreements governing our current and future indebtedness;
fluctuations in interest rates and changes in credit risk;
difficulty funding our liquidity needs;
dependence on key customers or concentration of customers in certain end markets, such as Communications and Automotive and Industrial;
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;
difficulty attracting, retaining or replacing qualified personnel;
difficulty achieving high capacity utilization rates due to high percentage of fixed costs;
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;
decisions by our integrated device manufacturer and foundry customers to curtail outsourcing;
maintaining an effective system of internal controls;
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;
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 historical downward pressure on the prices of our packaging and test services;
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;
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;
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;
our significant severance plan obligations associated with our manufacturing operations in Korea;
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, 2021 (the “Form 10-K”) and from time to time in our other reports filed with or furnished to the Securities and Exchange Commission (“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 these trends, risks or uncertainties continues or occurs, our business, financial condition or operating results could be materially and adversely affected, the trading prices of our securities could decline, and you could lose part or all of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. We assume 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 applicable law.