Amkor Technology Reports Financial Results for the Fourth Quarter and Full Year 2016

In the press release above 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. 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 expenditures. 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:
Q4 2016 Q3 2016 Q4 2015

  2016  

  2015  

(in millions)
Free Cash Flow Data:
Net cash provided by operating activities $ 238 $ 219 $ 154 $ 729 $ 585
Less: Purchases of property, plant and equipment (168 ) (126 ) (185 ) (650 ) (538 )
Plus: Proceeds from sale of and insurance recovery for property, plant and equipment   47     13     2     61     7  
Free cash flow $ 117   $ 106   $ (29 ) $ 140   $ 54  
 
 
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
   
For the Three Months Ended For the Year Ended
December 31, December 31,
2016   2015 2016   2015
(In thousands, except per share data)
Net sales $ 1,021,613 $ 670,644 $ 3,893,635 $ 2,884,603
Cost of sales   794,426     568,024     3,198,158     2,405,338  
Gross profit   227,187     102,620     695,477     479,265  
Selling, general and administrative 67,437 58,800 284,331 232,409
Research and development   33,061     22,898     117,206     82,017  
Total operating expenses   100,498     81,698     401,537     314,426  
Operating income   126,689     20,922     293,940     164,839  
Interest expense 21,172 17,090 79,668 81,407
Interest expense, related party 1,242 1,242 4,969 4,969
Other (income) expense, net   (15,461 )   15,335     (5,854 )   10,551  
Total other expense, net   6,953     33,667     78,783     96,927  
Income (loss) before taxes and equity in earnings of unconsolidated affiliate 119,736 (12,745 ) 215,157 67,912
Income tax expense   18,534     837     47,853     28,035  
Income (loss) before equity in earnings of unconsolidated affiliate 101,202 (13,582 ) 167,304 39,877
Equity in earnings of J-Devices       3,429         14,016  
Net income (loss) 101,202 (10,153 ) 167,304 53,893
Net income attributable to noncontrolling interests   (939 )   (409 )   (3,114 )   (2,795 )
Net income (loss) attributable to Amkor $ 100,263   $ (10,562 ) $ 164,190   $ 51,098  
 
Net income (loss) attributable to Amkor per common share:
Basic $ 0.42   $ (0.04 ) $ 0.69   $ 0.22  
Diluted $ 0.42   $ (0.04 ) $ 0.69   $ 0.22  
Shares used in computing per common share amounts:
Basic 238,190 236,961 237,416 236,850
Diluted 239,187 236,961 238,034 237,170
 
 
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
December 31,
2016   2015
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 549,518 $ 523,172
Restricted cash 2,000 2,000
Accounts receivable, net of allowances 563,107 526,143
Inventories 267,990 238,205
Other current assets   27,081     27,960  
Total current assets 1,409,696 1,317,480
Property, plant and equipment, net 2,564,648 2,579,017
Goodwill 24,122 23,409
Restricted cash 3,977 2,176
Other assets   89,643     104,346  
Total assets $ 4,092,086   $ 4,026,428  
 
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt $ 35,192 $ 76,770
Trade accounts payable 487,430 434,222
Capital expenditures payable 144,370 242,980
Accrued expenses   338,669     264,212  
Total current liabilities 1,005,661 1,018,184
Long-term debt 1,364,638 1,435,269
Long-term debt, related party 75,000 75,000
Pension and severance obligations 166,701 167,197
Other non-current liabilities   76,682     113,242  
Total liabilities   2,688,682     2,808,892  
 
Amkor stockholders’ equity:
Preferred stock
Common stock 284 283
Additional paid-in capital 1,895,089 1,883,592
Accumulated deficit (303,557 ) (467,747 )
Accumulated other comprehensive income (loss) 6,262 (2,084 )
Treasury stock   (214,490 )   (213,758 )
Total Amkor stockholders’ equity 1,383,588 1,200,286
Noncontrolling interests in subsidiaries   19,816     17,250  
Total equity   1,403,404     1,217,536  
Total liabilities and equity $ 4,092,086   $ 4,026,428  
 
 
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
For the Year Ended
December 31,
2016   2015
(In thousands)
Cash flows from operating activities:
Net income $ 167,304 $ 53,893
Depreciation and amortization 555,186 494,200
Loss on debt retirement 9,560
Loss from acquisition of J-Devices 13,501
Proceeds from insurance recovery for property, plant and equipment (15,166 )
Other operating activities and non-cash items 7,156 (3,992 )
Changes in assets and liabilities   14,922     17,813  
Net cash provided by (used in) operating activities   729,402     584,975  
 
Cash flows from investing activities:
Payments for property, plant and equipment (650,038 ) (537,975 )
Proceeds from sale of property, plant and equipment 45,635 6,945
Proceeds from insurance recovery for property, plant and equipment 15,166
Cash received from business acquisition of J-Devices, net 22,577
Disposition of business to J-Devices, net of cash transferred 8,355
Investment in J-Devices (12,908 )
Other investing activities   (190 )   (1,984 )
Net cash provided by (used in) investing activities   (589,427 )   (514,990 )
 
Cash flows from financing activities:
Borrowings under revolving credit facilities 115,000 290,000
Payments under revolving credit facilities (155,000 ) (150,000 )
Borrowings under short-term debt 49,131
Payments of short-term debt (49,500 )
Proceeds from issuance of long-term debt 56,000 400,000
Payments of long-term debt (132,078 ) (530,000 )
Payments for debt issuance costs (156 ) (312 )
Payments for retirement of debt (7,030 )
Payments for capital lease obligations (2,543 )
Proceeds from issuance of stock through share-based compensation plans 8,247 931
Payments of tax withholding for restricted shares (732 ) (730 )
Payments of subsidiary dividends to noncontrolling interests   (548 )   (246 )
Net cash provided by (used in) financing activities   (112,179 )   2,613  
 
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash   351      
 
Net increase (decrease) in cash, cash equivalents and restricted cash 28,147 72,598
Cash, cash equivalents and restricted cash, beginning of period   527,348     454,750  
Cash, cash equivalents and restricted cash, end of period $ 555,495   $ 527,348  
 

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