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

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. 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 2015   Q3 2015   Q4 2014   2015   2014
(in millions)
Free Cash Flow Data:
Net cash provided by operating activities $ 154 $ 195 $ 208 $ 578 $ 614
Less purchases of property, plant and equipment (185 ) (158 ) (239 ) (538 ) (681 )

Free cash flow

$ (31 ) $ 37   $ (31 ) $ 40   $ (67 )
 
   

AMKOR TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 
For the Three Months Ended For the Year Ended
December 31, December 31,
2015   2014 2015   2014
(In thousands, except per share data)
Net sales $ 670,644 $ 853,113 $ 2,884,603 $ 3,129,440
Cost of sales 568,024   733,042   2,405,338   2,576,618  
Gross profit 102,620   120,071   479,265   552,822  
Selling, general and administrative 58,045 62,800 231,654 254,498
Research and development 22,898   17,303   82,017   76,864  
Total operating expenses 80,943   80,103   313,671   331,362  
Operating income 21,677   39,968   165,594   221,460  
Interest expense 17,090 34,917 81,407 104,956
Interest expense, related party 1,242 1,242 4,969 4,969
Other (income) expense, net 15,712   (9,254 ) 10,928   (24,543 )
Total other expense, net 34,044   26,905   97,304   85,382  
(Loss) income before taxes and equity in earnings of unconsolidated affiliate (12,367 ) 13,063 68,290 136,078
Income tax expense 837   1,420   28,035   33,845  

(Loss) income before equity in earnings of unconsolidated affiliate

(13,204 ) 11,643 40,255 102,233
Equity in earnings of J-Devices 4,647   2,485   20,107   31,654  
Net (loss) income (8,557 ) 14,128 60,362 133,887
Net income attributable to noncontrolling interests (409 ) (993 ) (2,795 ) (3,501 )
Net (loss) income attributable to Amkor $ (8,966 ) $ 13,135   $ 57,567   $ 130,386  
 
Net (loss)income attributable to Amkor per common share:
Basic $ (0.04 ) $ 0.06   $ 0.24   $ 0.56  
Diluted $ (0.04 ) $ 0.06   $ 0.24   $ 0.55  
Shares used in computing per common share amounts:
Basic 236,961 236,578 236,850 230,710
Diluted 236,961 236,937 237,170 236,731
 
 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 
December 31,
2015   2014
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 523,172 $ 449,946
Restricted cash 2,000 2,681
Accounts receivable, net of allowances 526,143 469,683
Inventories 238,205 223,379
Other current assets 27,960   52,259  
Total current assets 1,317,480 1,197,948
Property, plant and equipment, net 2,579,017 2,206,476
Goodwill 19,443
Investments 117,733
Restricted cash 2,176 2,123
Other assets 113,184   111,125  
Total assets $ 4,031,300   $ 3,635,405  
 
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt $ 76,770 $ 5,000
Trade accounts payable 434,222 309,025
Capital expenditures payable 242,980 127,568
Accrued expenses 263,457   258,997  
Total current liabilities 1,017,429 700,590
Long-term debt 1,444,107 1,450,824
Long-term debt, related party 75,000 75,000
Pension and severance obligations 167,197 152,673
Other non-current liabilities 101,679   125,382  
Total liabilities 2,805,412   2,504,469  
 
Amkor stockholders’ equity:
Preferred stock
Common stock 283 282
Additional paid-in capital 1,883,592 1,878,810
Accumulated deficit (459,395 ) (516,962 )
Accumulated other comprehensive loss (2,084 ) (32,867 )
Treasury stock (213,758 ) (213,028 )
Total Amkor stockholders’ equity 1,208,638 1,116,235
Noncontrolling interests in subsidiaries 17,250   14,701  
Total equity 1,225,888   1,130,936  
Total liabilities and equity $ 4,031,300   $ 3,635,405  
 
 

AMKOR TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 
For the Year Ended
December 31,
2015   2014
(In thousands)
Cash flows from operating activities:
Net income $ 60,362 $ 133,887
Depreciation and amortization 494,200 464,706
Loss on debt retirement 2,530
Loss from acquisition of J-Devices 13,878
Gain on sale of subsidiary to J-Devices (9,155 )
Other operating activities and non-cash items (10,083 ) (40,762 )
Changes in assets and liabilities 17,058   65,233  
Net cash provided by operating activities 577,945   613,909  
 
Cash flows from investing activities:
Payments for property, plant and equipment (537,975 ) (681,120 )
Proceeds from sale of property, plant and equipment 6,945 2,815

Cash received from business acquisition of J-Devices, net

22,577
Cash received (transferred) on sale of subsidiary to J-Devices, net 8,355 (15,774 )
Investment in J-Devices (12,908 )
Other investing activities (1,356 ) (399 )
Net cash used in investing activities (514,362 ) (694,478 )
 
Cash flows from financing activities:
Borrowings under revolving credit facilities 290,000
Payments under revolving credit facilities (150,000 )
Proceeds from issuance of long-term debt 400,000 80,000
Payments of long-term debt (530,000 ) (145,000 )
Payments for debt issuance costs (312 ) (903 )
Payment of deferred consideration for an acquisition (18,763 )
Proceeds from issuance of stock through share-based compensation plans 931 6,250
Payments of tax withholding for restricted shares (730 ) (1,579 )
Payments of subsidiary dividends to noncontrolling interests (246 )  
Net cash provided by (used in) financing activities 9,643   (79,995 )
 
Effect of exchange rate fluctuations on cash and cash equivalents   68  
 
Net increase (decrease) in cash and cash equivalents 73,226 (160,496 )
Cash and cash equivalents, beginning of period 449,946   610,442  
Cash and cash equivalents, end of period $ 523,172   $ 449,946  
 

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