UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
July 29, 2009
 
AMKOR TECHNOLOGY, INC.
(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.)	
1900 SOUTH PRICE ROAD
CHANDLER, AZ 85286
(Address of Principal Executive Offices, including Zip Code)
(480) 821-5000
(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:
o	 	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 	 	 	
o	 	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 	 	 	
o	 	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 	 	 	
o	 	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

 
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 six months ended June 30, 2009 and forward-looking statements relating to the third quarter of 2009 as presented in a press release dated July 29, 2009. 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.
Exhibit 99.1 discloses free cash flow for the three months ended June 30, 2009. Free cash flow (which we define as net cash provided by operating activities less purchases of property, plant and equipment) is considered a non-GAAP financial measure. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. We believe free cash flow to be relevant and useful information to our investors in assessing our financial operating results as this measure is used by our management in evaluating our liquidity, our ability to service debt and fund capital expenditures. However, this measure should be considered in addition to, and not as a substitute for, or superior to, cash flows or other measures of financial performance prepared in accordance with generally accepted accounting principles, and may not be comparable to similarly titled measures reported by other companies. The non-GAAP measures included in our press release have been reconciled to the nearest GAAP measure as required under SEC rules regarding the use of non-GAAP financial measures.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1	 	Text of Press Release dated July 29, 2009, which is furnished (not filed) herewith.	

 
SIGNATURES
          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.
 	 	 	 	 	
 	 	 	 	AMKOR TECHNOLOGY, INC.	
 	 	 	 	 	
 	 	By:	 	/s/ Joanne Solomon	
 	 	 	 	 	
 	 	 	 	Joanne Solomon	
 	 	 	 	Corporate Vice President and Chief Financial Officer	
Date: July 29, 2009

 
EXHIBIT INDEX:
 	 	 	 	 	
Exhibit	 	Description	
 	99.1	 	 	Text of Press Release dated July 29, 2009	

Exhibit 99.1
 	 	 	
 	 	News Release	
Amkor Reports Second Quarter 2009 Results
CHANDLER, Ariz. — July 29, 2009 — Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor assembly and test services, today reported its financial results for the quarter ended June 30, 2009.
Second quarter net sales of $507 million were up 30% sequentially from the first quarter of 2009 and down 27% from the second quarter of 2008. Second quarter net income was $9 million or $0.05 per diluted share, compared to a net loss of $22 million or $0.12 per share in the first quarter. Net income for the second quarter of 2008 was $65 million, or $0.33 per diluted share.
“I am pleased with our second quarter performance in a very difficult economic environment,” commented James Kim, Amkor’s chairman and chief executive officer. “Our strategy of managing and aligning costs with customer demand is working. We achieved gross margin of 20% for the quarter, up sequentially from 12% in the first quarter of 2009, despite a $7 million charge to exit our manufacturing operations in Singapore. At the same time, we continued our disciplined approach in making capital spending decisions, which allowed us to generate free cash flow and strengthen our cash position.”
“We are seeing improvement in customer demand for the second half of 2009. Based on current customer forecasts, we expect third quarter 2009 net sales to increase 17% to 21% from the second quarter of 2009, reflecting higher than typical seasonal growth, and gross margin of 23% to 25%,” added Kim.
“Overall unit shipments were up 43% sequentially with advanced laminate and flip chip packages up nearly 60%,” said Ken Joyce, Amkor’s president and chief operating officer. “Net sales grew 30% driven by inventory adjustments by customers from historically low levels in the first quarter, strength of 3D packaging principally in support of wireless applications and improved demand for our leadframe packages.”
“We generated $69 million in free cash flow in the second quarter and ended the quarter with a cash balance of $455 million and total debt of just under $1.6 billion,” said Joanne Solomon, Amkor’s chief financial officer. “We used $135 million of the proceeds from our recent $250 million convertible note offering to repurchase $144 million principal amount of debt due in 2011 and recorded a related $8 million net gain. We have an aggregate of $97 million of debt coming due through the end of 2010, and the remaining $144 million of 7.125% notes and 2.5% convertible notes mature in 2011.”

 
“Second quarter 2009 capital additions were $27 million. We expect capital additions for the third quarter to be approximately $70 million and we are increasing our estimated capital additions for the full year 2009 to approximately $150 million. Our planned capital additions are primarily related to expanding our wafer bumping capacity in support of advanced interconnect technologies in response to increased level of customer demand,” said Solomon.
Selected operating data for the second quarter of 2009 is included in a section before the financial tables.
Business Outlook
Based upon the latest available information, we have the following expectations for the third quarter of 2009:
 	•	 	Net sales up 17% to 21% from the second quarter of 2009	
 	 	 	 	
 	•	 	Gross margin between 23% and 25%	
 	 	 	 	
 	•	 	Net income — in the range of $0.17 to $0.22 per diluted share	

 
Conference Call Information
Amkor will conduct a conference call on July 29, 2009 at 5:00 p.m. eastern time. This call is being webcast and can be accessed at Amkor’s web site at  www.amkor.com . You may also access the call by dialing 877-941-9205. A replay of the call will be made available at Amkor’s web site or by dialing 800-406-7325 (access passcode # 4108562). The webcast is also being distributed over Thomson Financial’s Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through Thomson Financial individual investor center at www.companyboardroom.com  or by visiting any of the investor sites in Thomson Financial’s Individual Investor Network. Institutional investors can access the call via Thomson Financial’s password-protected event management site, StreetEvents  (www.streetevents.com) .
About Amkor
Amkor is a leading provider of semiconductor assembly and test services. The company offers semiconductor companies and electronics OEMs a complete set of microelectronics design and manufacturing services. More information on Amkor is available from the company’s SEC filings and on Amkor’s website:  www.amkor.com .
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical fact are considered forward-looking statements including, without limitation, statements regarding the following: expectations regarding net sales and gross margin in the third quarter of 2009; customer demand for the second half of 2009; plans to exit our manufacturing operations in Singapore; the expected dollar amount of our capital additions; and the statements made under Business Outlook including those regarding net sales, gross margin and net income. These forward-looking statements 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: the highly unpredictable nature of the semiconductor industry; the effect of the global economy on credit markets, financial institutions, customers, suppliers and consumers; inability to achieve high capacity utilization rates; volatility of consumer demand for products incorporating our semiconductor packages; weakness in the forecasts of Amkor’s customers; customer modification of and follow through with respect to forecasts provided to Amkor; curtailment of outsourcing by our customers; our substantial indebtedness and restrictive covenants; failure to realize sufficient cash flow to fund capital additions; the effects of a recession in the U.S. and other economies worldwide; the highly unpredictable nature and costs of litigation and other legal activities and the risk of adverse results of such matters; the outcome of the pending SEC investigation; worldwide economic effects of terrorist attacks, natural disasters and military conflict; our ability to reduce costs; competitive pricing and declines in average selling prices; timing and volume of orders relative to production capacity; fluctuations in manufacturing yields; competition; dependence on

 
international operations and sales; dependence on raw material and equipment suppliers and changes in raw material costs; exchange rate fluctuations; dependence on key personnel; difficulties in managing growth; enforcement of intellectual property rights; environmental and other governmental regulations; and technological challenges.
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, 2008 and in the company’s subsequent filings with the Securities and Exchange Commission made prior to or after the date hereof. 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.
Contact:
  Joanne Solomon
  Corporate Vice President & CFO
  480-821-5000 ext. 5416
   jsolo@amkor.com

 
AMKOR TECHNOLOGY, INC.
Selected Operating Data
 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales Data:	 	Q2 2009	 	 	Q1 2009	 	 	Q2 2008	 	
Packaging services:	 	 	 	 	 	 	 	 	 	 	 	 	
Wirebond — leadframe	 	 	25	%	 	 	27	%	 	 	28	%	
Wirebond — laminate	 	 	43	%	 	 	39	%	 	 	40	%	
Flip chip and wafer level processing	 	 	20	%	 	 	21	%	 	 	20	%	
 	 	 	 	 	 	 	 	 	 	
Packaging services	 	 	88	%	 	 	87	%	 	 	88	%	
Test services	 	 	12	%	 	 	13	%	 	 	12	%	
 	 	 	 	 	 	 	 	 	 	
Total sales	 	 	100	%	 	 	100	%	 	 	100	%	

Packaged units (in millions):	 	 	 	 	 	 	 	 	 	 	 	 	
Wirebond — leadframe	 	 	1,229	 	 	 	887	 	 	 	1,638	 	
Wirebond — laminate	 	 	330	 	 	 	208	 	 	 	339	 	
Flip chip and wafer level processing	 	 	134	 	 	 	85	 	 	 	141	 	
 	 	 	 	 	 	 	 	 	 	
Total packaged units	 	 	1,693	 	 	 	1,180	 	 	 	2,118	 	

Net sales from top ten customers	 	 	54	%	 	 	51	%	 	 	49	%	
Capacity utilization	 	 	66	%	 	 	45	%	 	 	73	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
End Market Distribution Data (an approximation based on a sampling of our largest customers):	
Communications	 	 	49	%	 	 	46	%	 	 	42	%	
Consumer	 	 	30	%	 	 	29	%	 	 	32	%	
Computing	 	 	14	%	 	 	16	%	 	 	16	%	
Other	 	 	7	%	 	 	9	%	 	 	10	%	
 	 	 	 	 	 	 	 	 	 	
Total	 	 	100	%	 	 	100	%	 	 	100	%	

 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per Share Data:	 	Q2 2009	 	 	Q1 2009	 	 	Q2 2008	 	
 	 	(in millions, except per share data)	 	
Net income (loss) attributable to Amkor — basic	 	$	9	 	 	$	(22	)	 	$	65	 	
Adjustment for dilutive securities on net income:	 	 	 	 	 	 	 	 	 	 	 	 	
Interest on 2.5% convertible notes due 2011, net of tax	 	 	—	 	 	 	—	 	 	 	1	 	
Interest on 6.25% convertible notes due 2013, net of tax	 	 	—	 	 	 	—	 	 	 	2	 	
Interest on 6.0% convertible notes due 2014, net of tax	 	 	4	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	
Net income (loss) attributable to Amkor — diluted	 	$	13	 	 	$	(22	)	 	$	68	 	

Weighted average shares outstanding — basic	 	 	183	 	 	 	183	 	 	 	183	 	
Effect of dilutive securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Stock options	 	 	—	 	 	 	—	 	 	 	1	 	
2.5% convertible notes due 2011	 	 	—	 	 	 	—	 	 	 	13	 	
6.25% convertible notes due 2013	 	 	—	 	 	 	—	 	 	 	13	 	
6.0% convertible notes due 2014	 	 	83	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding — diluted	 	 	266	 	 	 	183	 	 	 	210	 	

Net income (loss) attributable to Amkor per common share:	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	$	0.05	 	 	$	(0.12	)	 	$	0.36	 	
 	 	 	 	 	 	 	 	 	 	
Diluted	 	$	0.05	 	 	$	(0.12	)	 	$	0.33	 	

 
AMKOR TECHNOLOGY, INC.
Selected Operating Data (continued)
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Q2 2009	 	 	Q1 2009	 	 	Q2 2008	 	
 	 	(in millions)	 	
Capital Investment Data:	 	 	 	 	 	 	 	 	 	 	 	 	
Property, plant and equipment additions	 	$	27	 	 	$	24	 	 	$	122	 	
Net change in related accounts payable and deposits	 	 	—	 	 	 	19	 	 	 	(20	)	
 	 	 	 	 	 	 	 	 	 	
Purchases of property, plant and equipment	 	$	27	 	 	$	43	 	 	$	102	 	
 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	$	77	 	 	$	80	 	 	$	77	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Free Cash Flow Data:	 	 	 	 	 	 	 	 	 	 	 	 	
Net cash provided by (used in) operating activities	 	$	96	 	 	$	(63	)	 	$	103	 	
Less purchases of property, plant and equipment	 	 	(27	)	 	 	(43	)	 	 	(102	)	
 	 	 	 	 	 	 	 	 	 	
Free cash flow*	 	$	69	 	 	$	(106	)	 	$	1	 	

 	 	 	
*	 	We define free cash flow as net cash provided by operating activities less purchases of property, plant and equipment. Free cash flow is not defined by generally accepted accounting principles. However, 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, our ability to service debt and our ability to fund capital additions. However, this measure should be considered in addition to, and not as a substitute for, or superior to, cash flows or other measures of financial performance prepared in accordance with generally accepted accounting principles, and our definition of free cash flow may not be comparable to similarly titled measures reported by other companies.	

 
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	For the Three Months	 	 	For the Six Months	 	
 	 	Ended June 30,	 	 	Ended June 30,	 	
 	 	2009	 	 	2008	 	 	2009	 	 	2008	 	
 	 	(In thousands, except per share data)	 	
Net sales	 	$	506,516	 	 	$	690,676	 	 	$	895,292	 	 	$	1,390,159	 	
Cost of sales	 	 	404,129	 	 	 	531,745	 	 	 	744,866	 	 	 	1,055,076	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	 	 	102,387	 	 	 	158,931	 	 	 	150,426	 	 	 	335,083	 	

Operating expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Selling, general and administrative	 	 	52,445	 	 	 	67,441	 	 	 	102,513	 	 	 	132,890	 	
Research and development	 	 	10,035	 	 	 	15,095	 	 	 	20,182	 	 	 	28,951	 	
Gain on sale of real estate	 	 	—	 	 	 	(9,856	)	 	 	—	 	 	 	(9,856	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	 	 	62,480	 	 	 	72,680	 	 	 	122,695	 	 	 	151,985	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	 	39,907	 	 	 	86,251	 	 	 	27,731	 	 	 	183,098	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Other (income) expense:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense, net	 	 	26,826	 	 	 	26,314	 	 	 	52,971	 	 	 	53,747	 	
Interest expense, related party	 	 	3,812	 	 	 	1,562	 	 	 	5,374	 	 	 	3,125	 	
Foreign currency loss (gain)	 	 	5,970	 	 	 	(11,597	)	 	 	(6,098	)	 	 	(21,074	)	
Gain on debt retirement, net	 	 	(7,888	)	 	 	—	 	 	 	(16,884	)	 	 	—	 	
Other (income) expense, net	 	 	(10	)	 	 	107	 	 	 	49	 	 	 	(699	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total other expense, net	 	 	28,710	 	 	 	16,386	 	 	 	35,412	 	 	 	35,099	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	 	11,197	 	 	 	69,865	 	 	 	(7,681	)	 	 	147,999	 	
Income tax expense	 	 	1,833	 	 	 	4,298	 	 	 	4,914	 	 	 	10,238	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	 	9,364	 	 	 	65,567	 	 	 	(12,595	)	 	 	137,761	 	
Net income attributable to noncontrolling interests	 	 	141	 	 	 	335	 	 	 	274	 	 	 	533	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) attributable to Amkor	 	$	9,223	 	 	$	65,232	 	 	$	(12,869	)	 	$	137,228	 	

Net income (loss) attributable to Amkor per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	$	0.05	 	 	$	0.36	 	 	$	(0.07	)	 	$	0.75	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted	 	$	0.05	 	 	$	0.33	 	 	$	(0.07	)	 	$	0.68	 	

Shares used in computing per common share amounts:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	183,036	 	 	 	182,759	 	 	 	183,036	 	 	 	182,446	 	
Diluted	 	 	265,846	 	 	 	210,138	 	 	 	183,036	 	 	 	209,785	 	

 
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 	 	 	 	 	 	 	 	 	
 	 	June 30,	 	 	December 31,	 	
 	 	2009	 	 	2008	 	
 	 	(In thousands)	 	
ASSETS	 	 	 	 	 	 	 	 	
Current assets:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	455,294	 	 	$	424,316	 	
Restricted cash	 	 	2,678	 	 	 	4,880	 	
Accounts receivable:	 	 	 	 	 	 	 	 	
Trade, net of allowances	 	 	264,440	 	 	 	259,630	 	
Other	 	 	16,924	 	 	 	14,183	 	
Inventories	 	 	118,072	 	 	 	134,045	 	
Other current assets	 	 	25,483	 	 	 	23,862	 	
 	 	 	 	 	 	 	
Total current assets	 	 	882,891	 	 	 	860,916	 	
 	 	 	 	 	 	 	 	 	
Property, plant and equipment, net	 	 	1,371,177	 	 	 	1,473,763	 	
Intangibles, net	 	 	12,970	 	 	 	11,546	 	
Restricted cash	 	 	1,001	 	 	 	1,696	 	
Other assets	 	 	39,700	 	 	 	36,072	 	
 	 	 	 	 	 	 	
Total assets	 	$	2,307,739	 	 	$	2,383,993	 	

LIABILITIES AND EQUITY	 	 	 	 	 	 	 	 	
Current liabilities:	 	 	 	 	 	 	 	 	
Short-term borrowings and current portion of long-term debt	 	$	69,670	 	 	$	54,609	 	
Trade accounts payable	 	 	230,617	 	 	 	241,684	 	
Accrued expenses	 	 	137,914	 	 	 	258,449	 	
 	 	 	 	 	 	 	
Total current liabilities	 	 	438,201	 	 	 	554,742	 	
 	 	 	 	 	 	 	 	 	
Long-term debt	 	 	1,234,505	 	 	 	1,338,751	 	
Long-term debt, related party	 	 	250,000	 	 	 	100,000	 	
Pension and severance obligations	 	 	126,217	 	 	 	116,789	 	
Other non-current liabilities	 	 	32,845	 	 	 	30,548	 	
 	 	 	 	 	 	 	
Total liabilities	 	 	2,081,768	 	 	 	2,140,830	 	

Equity:	 	 	 	 	 	 	 	 	
Amkor stockholders’ equity:	 	 	 	 	 	 	 	 	
Preferred stock	 	 	—	 	 	 	—	 	
Common stock, $0.001 par value, 500,000 shares authorized, issued and outstanding of 183,039 in 2009 and 183,035 in 2008	 	 	183	 	 	 	183	 	
Additional paid-in capital	 	 	1,498,331	 	 	 	1,496,976	 	
Accumulated deficit	 	 	(1,291,090	)	 	 	(1,278,221	)	
Accumulated other comprehensive income	 	 	12,231	 	 	 	18,201	 	
 	 	 	 	 	 	 	
Total Amkor stockholders’ equity	 	 	219,655	 	 	 	237,139	 	
Noncontrolling interests in subsidiaries	 	 	6,316	 	 	 	6,024	 	
 	 	 	 	 	 	 	
Total equity	 	 	225,971	 	 	 	243,163	 	
 	 	 	 	 	 	 	
Total liabilities and equity	 	$	2,307,739	 	 	$	2,383,993	 	

 
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 	 	 	 	 	 	 	 	 	
 	 	For the Six Months Ended	 	
 	 	June 30,	 	
 	 	2009	 	 	2008	 	
 	 	(In thousands)	 	
Cash flows from operating activities:	 	 	 	 	 	 	 	 	
Net (loss) income	 	$	(12,595	)	 	$	137,761	 	
Depreciation and amortization	 	 	156,507	 	 	 	150,543	 	
Gain on debt retirement, net	 	 	(16,884	)	 	 	—	 	
Other operating activities and non-cash items	 	 	5,407	 	 	 	7,694	 	
Changes in assets and liabilities	 	 	(99,077	)	 	 	(11,300	)	

Net cash provided by operating activities	 	 	33,358	 	 	 	284,698	 	

Cash flows from investing activities:	 	 	 	 	 	 	 	 	
Purchases of property, plant and equipment	 	 	(69,955	)	 	 	(190,870	)	
Proceeds from the sale of property, plant and equipment	 	 	687	 	 	 	14,968	 	
Proceeds from sale of investment	 	 	—	 	 	 	2,460	 	
Other investing activities	 	 	(3,086	)	 	 	(496	)	
 	 	 	 	 	 	 	
Net cash used in investing activities	 	 	(72,354	)	 	 	(173,938	)	

Cash flows from financing activities:	 	 	 	 	 	 	 	 	
Borrowings under revolving credit facilities	 	 	—	 	 	 	619	 	
Payments under revolving credit facilities	 	 	—	 	 	 	(633	)	
Proceeds from issuance of short-term debt	 	 	15,000	 	 	 	—	 	
Proceeds from issuance of long-term debt	 	 	100,000	 	 	 	—	 	
Proceeds from issuance of related party debt	 	 	150,000	 	 	 	—	 	
Payments for debt issuance costs	 	 	(8,539	)	 	 	—	 	
Payments of long-term debt	 	 	(186,156	)	 	 	(124,074	)	
Proceeds from issuance of stock through stock compensation plans	 	 	15	 	 	 	9,776	 	
 	 	 	 	 	 	 	
Net cash provided by (used in) financing activities	 	 	70,320	 	 	 	(114,312	)	

Effect of exchange rate fluctuations on cash and cash equivalents	 	 	(346	)	 	 	2,594	 	

Net increase (decrease) in cash and cash equivalents	 	 	30,978	 	 	 	(958	)	
Cash and cash equivalents, beginning of period	 	 	424,316	 	 	 	410,070	 	

Cash and cash equivalents, end of period	 	$	455,294	 	 	$	409,112