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)
July 31, 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 July 31, 2023, Amkor Technology, Inc. announced in a press release its financial performance for the three and six months ended June 30, 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: July 31, 2023


Amkor Technology Reports Financial Results for the Second Quarter 2023

TEMPE, Ariz. -- July 31, 2023 -- Amkor Technology, Inc. (Nasdaq: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 Highlights
Net sales $1.46 billion
Gross profit $187 million, operating income $76 million
Net income $64 million, earnings per diluted share $0.26
EBITDA $245 million

“Amkor’s second quarter performance was in line with our expectations, with demand for Advanced packaging solutions driving sequential growth in both the Computing and Consumer end markets,” said Giel Rutten, Amkor’s president and chief executive officer. “With our technology leadership and broad geographic footprint, Amkor is outperforming the industry and is well positioned to capitalize on the industry megatrends that we expect to propel growth beyond the current cycle.”

Quarterly Financial Results

($ in millions, except per share data)
Q2 2023Q1 2023Q2 2022
Net sales$1,458$1,472$1,505
Gross margin12.8%13.2%16.6%
Operating income$76$69$143
Operating income margin5.2%4.7%9.5%
Net income attributable to Amkor$64$45$125
Earnings per diluted share$0.26$0.18$0.51
EBITDA (1)$245$229$302

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

At June 30, 2023, total cash and short-term investments was $1.2 billion, and total debt was $1.1 billion.

The company paid a quarterly dividend of $0.075 per share on June 26, 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 third quarter 2023 (unless otherwise noted):

Net sales of $1.725 billion to $1.825 billion
Gross margin of 13.5% to 15.5%
Net income of $90 million to $130 million, or $0.36 to $0.53 per diluted share
Full year 2023 capital expenditures of approximately $750 million


Conference Call Information

Amkor will conduct a conference call on Monday, July 31, 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
Q2 2023Q1 2023Q2 2022
Net Sales Data:   
Net sales (in millions):   
Advanced products (1)$1,084 $1,068 $1,084 
Mainstream products (2)374 404 421 
Total net sales$1,458 $1,472 $1,505 
Packaging services88 %88 %87 %
Test services12 %12 %13 %
Net sales from top ten customers66 %66 %65 %
End Market Distribution Data:
Communications (smartphones, tablets)41 %45 %37 %
Automotive, industrial and other (ADAS, electrification, infotainment, safety)23 %26 %23 %
Computing (data center, infrastructure, PC/laptop, storage)20 %17 %18 %
Consumer (AR & gaming, connected home, home electronics, wearables)16 %12 %22 %
Total100 %100 %100 %
Gross Margin Data:
Net sales100.0 %100.0 %100.0 %
Cost of sales:
Materials53.6 %52.9 %49.2 %
Labor10.9 %11.3 %11.8 %
Other manufacturing22.7 %22.6 %22.4 %
Gross margin12.8 %13.2 %16.6 %

(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)Q2 2023Q1 2023Q2 2022
Net income$64 $45 $125 
Plus: Interest expense14 16 15 
Plus: Income tax expense11 11 
Plus: Depreciation & amortization158 157 151 
EBITDA$245 $229 $302 


(In thousands, except per share data)
For the Three Months Ended June 30,For the Six Months Ended June 30,
Net sales$1,457,922 $1,504,868 $2,929,461 $3,101,684 
Cost of sales1,271,052 1,255,713 2,548,170 2,527,199 
Gross profit186,870 249,155 381,291 574,485 
Selling, general and administrative64,860 68,868 143,531 145,827 
Research and development45,688 37,478 92,735 75,841 
Total operating expenses110,548 106,346 236,266 221,668 
Operating income76,322 142,809 145,025 352,817 
Interest expense14,354 14,593 30,521 28,741 
Other (income) expense, net(11,883)(8,041)(15,435)(13,137)
Total other expense, net2,471 6,552 15,086 15,604 
Income before taxes73,851 136,257 129,939 337,213 
Income tax expense9,407 10,788 20,271 40,516 
Net income64,444 125,469 109,668 296,697 
Net income attributable to non-controlling interests(158)(691)(31)(1,256)
Net income attributable to Amkor$64,286 $124,778 $109,637 $295,441 
Net income attributable to Amkor per common share:
Basic$0.26 $0.51 $0.45 $1.21 
Diluted$0.26 $0.51 $0.44 $1.20 
Shares used in computing per common share amounts:
Basic245,637 244,592 245,485 244,498 
Diluted246,964 245,855 247,046 245,938 


(In thousands)

June 30, 2023December 31, 2022
Current assets:
Cash and cash equivalents$804,834 $959,072 
Short-term investments399,233 281,964 
Accounts receivable, net of allowances1,198,612 1,365,504 
Inventories534,477 629,576 
Other current assets61,890 65,123 
Total current assets2,999,046 3,301,239 
Property, plant and equipment, net3,309,592 3,135,614 
Operating lease right of use assets 146,080 171,163 
Goodwill19,550 21,517 
Restricted cash3,428 3,334 
Other assets160,484 188,890 
Total assets$6,638,180 $6,821,757 
Current liabilities:
Short-term borrowings and current portion of long-term debt$155,978 $143,813 
Trade accounts payable701,610 899,164 
Capital expenditures payable310,387 146,602 
Short-term operating lease liability53,991 70,991 
Accrued expenses354,522 401,841 
Total current liabilities1,576,488 1,662,411 
Long-term debt975,535 1,088,521 
Pension and severance obligations88,249 93,540 
Long-term operating lease liabilities66,030 75,745 
Other non-current liabilities169,019 201,839 
Total liabilities2,875,321 3,122,056 
Stockholders’ equity:
Preferred stock— — 
Common stock292 291 
Additional paid-in capital2,005,055 1,996,344 
Retained earnings1,947,420 1,874,644 
Accumulated other comprehensive income (loss)1,432 16,699 
Treasury stock(222,049)(219,226)
Total Amkor stockholders’ equity3,732,150 3,668,752 
Non-controlling interests in subsidiaries30,709 30,949 
Total equity3,762,859 3,699,701 
Total liabilities and equity$6,638,180 $6,821,757 

(In thousands)
For the Six Months Ended June 30,
Cash flows from operating activities:
Net income$109,668 $296,697 
Depreciation and amortization314,647 299,341 
Other operating activities and non-cash items4,784 (10,041)
Changes in assets and liabilities(6,521)(123,728)
Net cash provided by operating activities422,578 462,269 
Cash flows from investing activities:
Payments for property, plant and equipment(282,309)(340,208)
Proceeds from sale of property, plant and equipment1,107 773 
Payments for short-term investments(355,135)(298,351)
Proceeds from sale of short-term investments47,000 14,120 
Proceeds from maturities of short-term investments193,315 155,910 
Other investing activities(22,850)(58,916)
Net cash used in investing activities(418,872)(526,672)
Cash flows from financing activities:
Proceeds from revolving credit facilities370,000 — 
Payments of revolving credit facilities(370,000)— 
Proceeds from short-term debt11,043 18,112 
Payments of short-term debt(11,149)(12,048)
Proceeds from issuance of long-term debt— 190,000 
Payments of long-term debt(72,061)(155,284)
Payments of finance lease obligations(31,129)(15,943)
Payments of dividends(36,874)(24,473)
Other financing activities(1,589)(5,089)
Net cash used in financing activities(141,759)(4,725)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash(16,091)(25,020)
Net decrease in cash, cash equivalents and restricted cash(154,144)(94,148)
Cash, cash equivalents and restricted cash, beginning of period962,406 831,521 
Cash, cash equivalents and restricted cash, end of period$808,262 $737,373 

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;
dependence on key customers or concentration of customers in certain end markets, such as mobile communications and automotive;
changes in costs, quality, availability and delivery times of raw materials, components and equipment;
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;
fluctuations in operating results and cash flows;
our substantial indebtedness;
dependence on international factories and operations and risks relating to trade restrictions and regional conflict;
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;
environmental, health and safety liabilities and expenditures;
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;
natural disasters and other calamities, political instability, hostilities or other disruptions;
restrictive covenants in the indentures and agreements governing our current and future indebtedness;
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.