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

Selected Operating Data

In the press release above we provide EBITDA and Adjusted EBITDA, which are 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 and Adjusted EBITDA to be relevant and useful information to our investors because they provide additional information in assessing our financial operating results. Our management uses EBITDA and Adjusted EBITDA in evaluating our operating performance, our ability to service debt and our ability to fund capital expenditures. However, EBITDA and Adjusted EBITDA have certain limitations in that they do 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 and Adjusted 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 and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of EBITDA and Adjusted EBITDA to U.S. GAAP net income.

         
Non-GAAP Financial Measures Reconciliation:
Q4 2015   Q3 2015   Q4 2014   2015   2014
(in millions)
EBITDA Data:

J-Devices' net income

$ 30

Plus: Interest expense

1

Plus: Income tax expense

13

Plus: Depreciation & amortization

70  
J-Devices' EBITDA $ 114  
 

Amkor's net (loss) income

$ (9 ) $ 28 $ 13 $ 58 $ 130

Plus: Interest expense

18 19 36 86 110

Plus: Income tax expense

1 17 1 28 34

Plus: Depreciation & amortization

122   123   125   494   465  
Amkor's EBITDA $ 132   $ 187   $ 175   $ 666   $ 739  
 
Plus: Cost of goods sold portion of litigation settlement charges $ $ $ 75 $ $ 75
Plus: Net loss on acquisition of J-Devices 14 14
Plus: Loss on early extinguishment of debt 9
Less: Gain on sale of subsidiary to J-Devices         (18 )
Amkor's Adjusted EBITDA $ 146   $ 187   $ 250   $ 689   $ 796  
 

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