Amkor Technology Reports Financial Results for the Third Quarter 2018

* Effective January 1, 2018, we adopted Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), utilizing the full retrospective transition method. The prior periods presented here have been revised to reflect this change.

 
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
   
September 30,
2018
December 31,
2017
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 547,665 $ 596,364
Restricted cash 2,559 2,000
Accounts receivable, net of allowances 797,678 798,264
Inventories 228,108 213,649
Other current assets 35,226   33,727  
Total current assets 1,611,236 1,644,004
Property, plant and equipment, net 2,714,084 2,695,065
Goodwill 24,813 25,036
Restricted cash 3,896 4,487
Other assets 141,440   139,796  
Total assets $ 4,495,469   $ 4,508,388  
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt $ 97,646 $ 123,848
Trade accounts payable 548,864 569,085
Capital expenditures payable 253,756 294,258
Accrued expenses 271,067   330,868  
Total current liabilities 1,171,333 1,318,059
Long-term debt 1,267,992 1,240,581
Pension and severance obligations 179,900 182,216
Other non-current liabilities 54,403   47,823  
Total liabilities 2,673,628   2,788,679  
 
Stockholders’ equity:
Preferred stock
Common stock 285 285
Additional paid-in capital 1,908,171 1,903,357
Retained earnings (accumulated deficit) 84,894 (13,903 )
Accumulated other comprehensive income (loss) 19,729 22,519
Treasury stock (216,135 ) (215,982 )
Total Amkor stockholders’ equity 1,796,944 1,696,276
Non-controlling interests in subsidiaries 24,897   23,433  
Total equity 1,821,841   1,719,709  
Total liabilities and equity $ 4,495,469   $ 4,508,388  
 
 
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
For the Nine Months Ended September 30,
2018   2017
(In thousands)
Cash flows from operating activities:
Net income $ 100,671 $ 166,520
Depreciation and amortization 429,181 435,667
Gain on sale of real estate (108,109 )
Other operating activities and non-cash items (2,006 ) (8,124 )
Changes in assets and liabilities (100,628 ) (72,043 )
Net cash provided by operating activities 427,218   413,911  
Cash flows from investing activities:
Payments for property, plant and equipment (478,036 ) (413,974 )
Proceeds from sale of property, plant and equipment 1,606 133,320
Acquisition of business, net of cash acquired (43,771 )
Other investing activities 3,160   (1,600 )
Net cash used in investing activities (473,270 ) (326,025 )
Cash flows from financing activities:
Proceeds from revolving credit facilities 75,000
Payments of revolving credit facilities (75,000 )
Proceeds from short-term debt 23,341 50,333
Payments of short-term debt (35,125 ) (52,068 )
Proceeds from issuance of long-term debt 372,226 223,976
Payments of long-term debt (279,697 ) (398,755 )
Payments of long-term debt, related party (17,837 )
Payment of deferred consideration for purchase of facility (3,890 )
Payments of capital lease obligations (2,669 ) (4,123 )
Other financing activities (2,482 ) 425  
Net cash provided by (used in) financing activities 594   (126,939 )
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash (3,273 ) 9,231  
Net decrease in cash, cash equivalents and restricted cash (48,731 ) (29,822 )
Cash, cash equivalents and restricted cash, beginning of period 602,851   555,495  
Cash, cash equivalents and restricted cash, end of period $ 554,120   $ 525,673  
 

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