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)
May 1, 2023
(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 May 1, 2023, Amkor Technology, Inc. announced in a press release its financial performance for the three months ended March 31, 2023. 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: May 1, 2023


Amkor Technology Reports Financial Results for the First Quarter 2023

TEMPE, Ariz. -- May 1, 2023 -- 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, 2023.

First Quarter 2023 Highlights
Net sales $1.5 billion
Gross profit $194 million, operating income $69 million
Net income $45 million, earnings per diluted share $0.18
EBITDA $229 million

“Amkor delivered revenue and profitability above the midpoint of guidance. Revenue in the Automotive and Industrial end market grew 14% year-on-year, and revenue in the Communications end market grew 2% year-on-year, reflecting our strong leadership in Advanced packaging,” said Giel Rutten, Amkor’s president and chief executive officer. “We are confident that the secular growth drivers for the industry remain in place and will drive growth beyond the current cycle. With our leading technology portfolio and diversified manufacturing and end market footprint, Amkor is well positioned to outperform the semiconductor market.”

Quarterly Financial Results

($ in millions, except per share data)
Q1 2023Q4 2022Q1 2022
Net sales$1,472$1,906$1,597
Gross margin13.2%17.5%20.4%
Operating income$69$225$210
Operating income margin4.7%11.8%13.2%
Net income attributable to Amkor$45$164$171
Earnings per diluted share$0.18$0.67$0.69
EBITDA (1)$229$382$363

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

At March 31, 2023, total cash and short-term investments was $1.3 billion, and total debt was $1.2 billion.

The company paid a quarterly dividend of $0.075 per share on March 20, 2023. 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 second quarter 2023 (unless otherwise noted):

Net sales of $1.425 billion to $1.525 billion
Gross margin of 12.0% to 14.0%
Net income of $30 million to $70 million, or $0.12 to $0.28 per diluted share
Full year 2023 capital expenditures of approximately $800 million


Conference Call Information

Amkor will conduct a conference call on Monday, May 1, 2023, 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
Vice President, Investor Relations and Finance


Selected Operating Data
Q1 2023Q4 2022Q1 2022
Net Sales Data:   
Net sales (in millions):   
Advanced products (1)$1,068 $1,488 $1,157 
Mainstream products (2)404 418 440 
Total net sales$1,472 $1,906 $1,597 
Packaging services88 %88 %86 %
Test services12 %12 %14 %
Net sales from top ten customers66 %67 %64 %
End Market Distribution Data:
Communications (smartphones, tablets)45 %50 %41 %
Automotive, industrial and other (ADAS, electrification, infotainment, safety)26 %20 %21 %
Consumer (AR & gaming, connected home, home electronics, wearables)12 %17 %19 %
Computing (data center, infrastructure, PC/laptop, storage)17 %13 %19 %
Total100 %100 %100 %
Gross Margin Data:
Net sales100.0 %100.0 %100.0 %
Cost of sales:
Materials52.9 %55.1 %46.7 %
Labor11.3 %9.0 %11.5 %
Other manufacturing22.6 %18.4 %21.4 %
Gross margin13.2 %17.5 %20.4 %

(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.


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)Q1 2023Q4 2022Q1 2022
Net income$45 $164 $171 
Plus: Interest expense16 15 14 
Plus: Income tax expense11 46 30 
Plus: Depreciation & amortization157 157 148 
EBITDA$229 $382 $363 


(In thousands, except per share data)
For the Three Months Ended March 31,
Net sales$1,471,539 $1,596,816 
Cost of sales1,277,118 1,271,486 
Gross profit194,421 325,330 
Selling, general and administrative78,671 76,959 
Research and development47,047 38,363 
Total operating expenses125,718 115,322 
Operating income68,703 210,008 
Interest expense16,167 14,148 
Other (income) expense, net(3,552)(5,096)
Total other expense, net12,615 9,052 
Income before taxes56,088 200,956 
Income tax expense10,864 29,728 
Net income45,224 171,228 
Net loss (income) attributable to non-controlling interests127 (565)
Net income attributable to Amkor$45,351 $170,663 
Net income attributable to Amkor per common share:
Basic$0.18 $0.70 
Diluted$0.18 $0.69 
Shares used in computing per common share amounts:
Basic245,330 244,403 
Diluted247,087 246,000 


(In thousands)

March 31, 2023December 31, 2022
Current assets:
Cash and cash equivalents$909,802 $959,072 
Short-term investments341,822 281,964 
Accounts receivable, net of allowances1,165,240 1,365,504 
Inventories568,565 629,576 
Other current assets48,174 65,123 
Total current assets3,033,603 3,301,239 
Property, plant and equipment, net3,185,278 3,135,614 
Operating lease right of use assets 152,650 171,163 
Goodwill21,235 21,517 
Restricted cash3,497 3,334 
Other assets185,528 188,890 
Total assets$6,581,791 $6,821,757 
Current liabilities:
Short-term borrowings and current portion of long-term debt$137,469 $143,813 
Trade accounts payable666,615 899,164 
Capital expenditures payable228,056 146,602 
Short-term operating lease liability64,235 70,991 
Accrued expenses361,174 401,841 
Total current liabilities1,457,549 1,662,411 
Long-term debt1,059,997 1,088,521 
Pension and severance obligations91,359 93,540 
Long-term operating lease liabilities63,278 75,745 
Other non-current liabilities182,445 201,839 
Total liabilities2,854,628 3,122,056 
Stockholders’ equity:
Preferred stock— — 
Common stock292 291 
Additional paid-in capital2,001,575 1,996,344 
Retained earnings1,901,569 1,874,644 
Accumulated other comprehensive income (loss)15,090 16,699 
Treasury stock(222,049)(219,226)
Total Amkor stockholders’ equity3,696,477 3,668,752 
Non-controlling interests in subsidiaries30,686 30,949 
Total equity3,727,163 3,699,701 
Total liabilities and equity$6,581,791 $6,821,757 

(In thousands)
For the Three Months Ended March 31,
Cash flows from operating activities:
Net income$45,224 $171,228 
Depreciation and amortization156,762 148,192 
Other operating activities and non-cash items(2,821)11,061 
Changes in assets and liabilities(23,419)(164,303)
Net cash provided by operating activities175,746 166,178 
Cash flows from investing activities:
Payments for property, plant and equipment(98,224)(158,154)
Proceeds from sale of property, plant and equipment652 416 
Payments for short-term investments(172,409)(125,693)
Proceeds from sale of short-term investments21,549 4,246 
Proceeds from maturities of short-term investments92,655 66,694 
Other investing activities73 (27,518)
Net cash used in investing activities(155,704)(240,009)
Cash flows from financing activities:
Proceeds from revolving credit facilities370,000 — 
Payments of revolving credit facilities(370,000)— 
Proceeds from short-term debt11,042 18,112 
Payments of short-term debt(5,840)(3,790)
Proceeds from issuance of long-term debt— 150,000 
Payments of long-term debt(35,980)(35,973)
Payments of finance lease obligations(15,148)(7,538)
Payments of dividends(18,430)(12,228)
Other financing activities(1,850)653 
Net cash (used in) provided by financing activities(66,206)109,236 
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash(2,943)(7,795)
Net (decrease) increase in cash, cash equivalents and restricted cash(49,107)27,610 
Cash, cash equivalents and restricted cash, beginning of period962,406 831,521 
Cash, cash equivalents and restricted cash, end of period$913,299 $859,131 

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:
dependence on the cyclical and volatile semiconductor industry and vulnerability to industry downturns and declines in global economic and financial conditions;
health conditions or pandemics, such as the COVID-19 pandemic, impacting labor availability and operating capacity, capital availability, the supply chain and consumer demand for our customers’ products and services;
changes in costs, quality, availability and delivery times of raw materials, components and equipment;
dependence on key customers or concentration of customers in certain end markets, such as mobile communications and automotive;
fluctuations in operating results and cash flows;
our substantial indebtedness;
dependence on international factories and operations and risks relating to our customers’ and vendors’ international operations;
fluctuations in interest rates and changes in credit risk;
competition with established competitors in the packaging and test business, the internal capabilities of integrated device manufacturers and new competitors, including foundries;
difficulty funding our liquidity needs, including as a result of disruptions to the banking system and capital markets;
our substantial investments in equipment and facilities to support the demand of our customers;
difficulty attracting, retaining or replacing qualified personnel;
difficulty achieving the relatively high-capacity utilization rates necessary to realize satisfactory gross margins given our high percentage of fixed costs;
maintaining an effective system of internal controls;
the absence of backlog and the short-term nature of our customers’ commitments;
our continuing development and implementation of changes to, and maintenance and security of, our information technology systems;
the historical downward pressure on the prices of our packaging and test services;
challenges with integrating diverse operations;
fluctuations in our manufacturing yields;

any changes in tax laws, taxing authorities not agreeing with our interpretation of applicable tax laws, including whether we continue to qualify for conditional reduced tax rates, 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;
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;
environmental, health and safety liabilities and expenditures;
restrictive covenants in the indentures and agreements governing our current and future indebtedness;
natural disasters and other calamities, political instability, hostilities or other disruptions;
the possibility that we may decrease or suspend our quarterly dividend;
significant severance plan obligations associated with our manufacturing operations in Korea; 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, 2022 (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.