Amkor Technology Reports Financial Results for the Fourth Quarter and Full Year 2015

Selected Operating Data

In the press release above we provide non-GAAP net income and non-GAAP earnings per diluted share for the quarter and year ended December 31, 2015. We also provide non-GAAP gross margin, non-GAAP net income and non-GAAP earnings per diluted share for the quarter and year ended December 31, 2014. We present these non-GAAP amounts to demonstrate the impact of the consolidation of J-Devices, the sale of our subsidiary to J-Devices, the early extinguishment of debt and the charges we recognized related to the settlement of our litigation with Tessera. 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 U.S. generally accepted accounting principles ("U.S. GAAP"). These measures have limitations, including that they exclude the charges for the settlement payments, which are amounts that the company will ultimately have to pay in cash, and should be considered in addition to, and not as a substitute for, or superior to, gross margin, net income and earnings per diluted share prepared in accordance with U.S. GAAP. Below is the reconciliation of non-GAAP gross margin, non-GAAP net income and non-GAAP earnings per diluted share to U.S. GAAP gross margin, net income and earnings per diluted share.

           
Non-GAAP Financial Measures Reconciliation:
Q4 2015 Q4 2014 2015 2014
(in millions, except per share amounts)
Gross margin 14.1 % 17.7 %
Plus: Litigation settlement charges divided by net sales 8.8 % 2.4 %
Non-GAAP gross margin 22.9 % 20.1 %
 
Net income $ (9 ) $ 13 $ 58 $ 130
Plus: Litigation settlement charges, net of tax 77 78
Plus: Net loss on acquisition of J-Devices, net of tax 14 14
Plus: Loss on early extinguishment of debt, net of tax 9
Less: Gain on sale of subsidiary to J-Devices, net of tax       (18 )
Non-GAAP net income $ 5   $ 90   $ 81   $ 190  
 
Earnings per diluted share $ (0.04 ) $ 0.06 $ 0.24 $ 0.55
Plus: Litigation settlement charges per diluted share, net of tax 0.32 0.33
Plus: Net loss on acquisition of J-Devices per diluted share, net of tax 0.06 0.06
Plus: Loss on early extinguishment of debt per diluted share, net of tax 0.04
Less: Gain on sale of subsidiary to J-Devices per diluted share, net of tax       (0.07 )
Non-GAAP earnings per diluted share $ 0.02   $ 0.38   $ 0.34   $ 0.81  
 
 

AMKOR TECHNOLOGY, INC.

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