Printer-friendly version Back

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

Full Year 2016 Highlights:

  • 记录销售 $3.9 billion
  • Gross margin 17.9%
  • 净收入 164美元million那earnings per diluted share $0.69那EBITDA 8.52亿美元那net cash provided by operating activities $7.29.millionand free cash flow $140 million
  • 成功合并了J-Devices
  • Notable second-half strength in mobile communications across multiple tiers
  • Solid sales growth in automotive, 大中华区and advanced SiP

TEMPE, Ariz.- （商业资讯） - 2月。2017年13日 - 雅克Technology, Inc.(NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the fourth quarter and full year ended December 31, 2016。

“Fourth quarter revenues were up $350 millionyear-over-year. For the full year, revenues were up $1billion那” said Steve Kelley那雅克’s president and chief executive officer. “The consolidation of J-Devices and the success of our automotive, 大中华区and advanced SiP initiatives fueled the growth in revenue, which in turn drove significantly improved profitability and cash flow.”

Results** Q4 2016 Q3 2016 Q4 2015 2016 2015
($ in millions, except per share amounts)
Net sales $1那022 $1那086 $6.7.1 $3,894 $2那8.8.5
Gross margin 22.2％ 19.。7.％ 15.3% 17.。9.％ 16.。6.％
净收入(loss) $100 $6.0 $（11.） 164美元 $51
Earnings per diluted share $0.42 $0.25 $(0.04) $0.69 $0.22
EBITDA* 280美元 $248 $130 $8.52 $6.59

Net cash provided by operating activities

 $238 $219. $154 $7.29. $585
Free cash flow* $117. $106 $（29.） $140 $54

*EBITDA and free cash flow are non-GAAP measures. The reconciliations to the comparable GAAP measures are included below under “Selected Operating Data.”

**In December 2015那 雅克增加其所有权 J-Devices Corporation从66％到100％。J-Devices的操作结果在2016年开始巩固。

“Fourth quarter EPS was above the high end of our guidance,” said Megan Faust那雅克’s corporate vice president and chief financial officer. “As expected, we received approximately $26.millionof insurance proceeds related to the second quarter 2016 Japan earthquakes which contributed 250 basis points to gross margin and $0.08(net of tax) to earnings per diluted share. With the receipt of these payments, the impact of the Japanearthquakes on our full year 2016 results was minimal.”

现金和现金等价物是 $550 million那and total debt was 15亿美元那at December 31, 2016。

Business Outlook

“We expect first quarter 2017 revenues to be around $9.00 million那up 4% year-on-year and down 12% sequentially,” said Kelley. “Although the smartphone market is going through a seasonal slowdown, demand in other markets is healthy.”

First quarter 2017 outlook:

  • Net sales of 8.6亿美元达到9.4亿美元，从前一季度下降8％至16％
  • Gross margin of 13% to 17%
  • Net loss of $27.millionto net income of $12 million, or ($0.11)to $0.05per diluted share
  • Full year 2017 capital expenditures of around $500 million

电话会议信息

雅克will conduct a conference call on Monday, February 13, 2017那at 5:00 p.m. Eastern Time。This call may include material information not included in this press release. This call is being webcast and can be accessed at 雅克'swebsite:www.www.chenyuhi.com。You may also access the call by dialing 1-877-645-6380 or 1-404-991-3911. A replay of the call will be made available at 雅克'swebsite or by dialing 1-855-859-2056 or 1-404-537-3406 (conference ID 60757036). The webcast is also being distributed over NASDAQ OMX's investor distribution network to both institutional and individual investors. Institutional investors can access the call via NASDAQ OMX's password-protected event management site, Street Events (www.streetevents.com）。

About 雅克

雅克Technology, Inc.is one of the world’s largest providers of outsourced semiconductor packaging and test services. Founded in 1968, 雅克pioneered the outsourcing of IC packaging and test, and is now a strategic manufacturing partner for more than 250 of the world’s leading semiconductor companies, foundries and electronics OEMs. Amkor’s operational base includes 10 million square feet of floor space with production facilities, product development centers and sales and support offices located in key electronics manufacturing regions in Asia那 Europeand the USA。有关更多信息访问www.www.chenyuhi.com。

AMKOR TECHNOLOGY, INC.
选择操作Data
Q4 2016 Q3 2016 Q4 2015 2016 2015
Net Sales Data:
Net sales (in millions):
Advanced products* $ 451 $ 480 $ 333 $ 1那6.8.0 $ 1那433
主流产品** 571 6.06 338 2那214 1那452
Total net sales $ 1那022 $ 1那086 $ 6.7.1 $ 3,894 $ 2那8.8.5
Packaging services 8.3 ％ 8.2 ％ 8.5 ％ 8.2 ％ 8.5 ％
Test services 17. ％ 18. ％ 15 ％ 18. ％ 15 ％
Net sales from top ten customers 6.6. ％ 6.8. ％ 6.4 ％ 6.7. ％ 6.3 ％
End Market Distribution Data(an approximation including representative devices and applications based on a sampling of our largest customers):
Communications (smart phones, tablets, handheld devices, wireless LAN) 45 ％ 47 ％ 54 ％ 44 ％ 55 ％
Automotive, industrial and other (infotainment, safety, performance, comfort) 25 ％ 24 ％ 15 ％ 25 ％ 14 ％
Consumer (television, set top boxes, gaming, portable media, digital cameras) 14 ％ 14 ％ 12 ％ 14 ％ 12 ％
Networking (servers, routers, switches) 9. ％ 9. ％ 11 ％ 10 ％ 11 ％
计算（PC，硬盘驱动器，打印机，外围设备，服务器） 7. ％ 6. ％ 8. ％ 7. ％ 8. ％
Total 100 ％ 100 ％ 100 ％ 100 ％ 100 ％
Gross Margin Data:
Net sales 100.0 ％ 100.0 ％ 100.0 ％ 100.0 ％ 100.0 ％
Cost of sales:
材料 36.6 ％ 37.2 ％ 35.8 ％ 37.2 ％ 36.6 ％
劳动 14.5 ％ 14.6 ％ 15.8 ％ 15.3 ％ 15.1 ％
Other manufacturing*** 26.。7. ％ 28.。5 ％ 33.1. ％ 29.。6. ％ 31.7 ％
Gross margin 22.2 ％ 19.。7. ％ 15.3 ％ 17.。9. ％ 16.。6. ％
*Advanced products include flip chip and wafer-level processing and related test services
**Mainstream products include wirebond packaging and related test services

***第四季度和全年2016年结果包括与2016年第二季度日本地震有关的2600万美元的保险收益

AMKOR TECHNOLOGY, INC.

选择操作Data

在上面的新闻稿中，我们提供EBITDA，其未被U.S. GaAP定义。我们将EBITDA定义为利息费用，所得税费用和折旧和摊销前的净收入。我们认为EBITDA对我们的投资者有关和有用的信息，因为它提供了评估我们的财务经营结果的其他信息。bob体ob体与软件下载我们的管理层使用EBITDA评估我们的经营业绩，我们的服务能力以及我们资本支出的资金支出能力。然而，EBITDA具有一定的局限性，因为它不会反映某些费用对我们综合收入陈述的影响，包括利息费用，这是我们费用的必要因素，因为我们借入了金钱来资助我们的运营，所得税费用，这是我们费用的必要因素，因为法律征收税收，折旧和摊销，这是我们费用的必要因素，因为我们利用资本资产产生收入。除了根据美国GAAP，除了作为替代，而不是替代，而不是作为替代，或优于营业收入，营业收入，净收入或其他财务绩效措施。此外，我们对EBITDA的定义可能与其他公司报告的类似标题措施不可媲美。以下是我们对美国GAAP净收入的EBITDA的和解。

非GAAP财务措施和解：
Q4 2016 Q3 2016 Q4 2015

2016

2015
(in millions)
EBITDAData:
净收入attributable to Amkor $ 100 $ 6.0 $ （11. ） $ 16.4 $ 51
加：利息费用 22 23 18. 8.5 8.6.
Plus: Income tax expense 19. 24 1 48 28.
Plus: Depreciation & amortization 139 141 122 555 494
EBITDA $ 28.0 $ 248 $ 130 $ 8.52 $ 6.59

在上面的新闻发布会上我们将自由现金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.

非GAAP财务措施和解：
Q4 2016 Q3 2016 Q4 2015

2016

2015
(in millions)
Free Cash Flow Data:
Net cash provided by operating activities $ 238 $ 219. $ 154 $ 7.29. $ 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 6.1 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那021,613 $ 6.7.0,644 $ 3,893,635 $ 2,884,603
Cost of sales 7.9.4,426 568,024 3,198,158 2那405,338
Gross profit 227.那18.7. 102,620 6.9.5,477 479,265
Selling, general and administrative 67437年 58,800. 28.4,331 232,409
Research and development 33,061 22那8.9.8. 117.那206 8.2那017
Total operating expenses 100,498 8.1那6.9.8. 401,537 314,426.
Operating income 126.那6.8.9. 20,922 293,940. 16.4,839
Interest expense 21那17.2 17,090 7.9.那6.6.8. 8.1那407
Interest expense, related party 1那242 1那242 4,969 4,969
Other (income) expense, net (15,461 ） 15,335 (5,854 ） 10,551
Total other expense, net 6.那9.53 33,667 7.8.那7.8.3 9.6.那9.27.
Income (loss) before taxes and equity in earnings of unconsolidated affiliate 119,736. (12,745 ） 215,157 6.7.那9.12
所得税费用 18.那534 8.37 47,853 28.那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
净收入(loss) 101,202 (10,153 ） 167,304 53,893
净收入attributable to noncontrolling interests (939 ） （409. ） (3,114 ） (2,795 ）
净收入(loss) attributable to Amkor $ 100,263 $ （10,562 ） $ 16.4,190 $ 51,098
净收入(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)
资产
当前资产：
Cash and cash equivalents $ 549518年 $ 523,172
Restricted cash 2那000 2那000
Accounts receivable, net of allowances 563,107 526,143
Inventories 26.7.那9.9.0 238,205
其他现有资产 27.那081 27.那9.6.0
Total current assets 1那409,696 1那317,480
Property, plant and equipment, net 2那564,648 2那579,017
善意 24,122 23,409
Restricted cash 3,977 2,176
Other assets 8.9.那6.43 104,346
Total assets $ 4,092,086 $ 4,026,428
LIABILITIES AND EQUITY
Current liabilities:
短期借款和长期债务的当前部分 $ 35,192 $ 7.6.那7.7.0
Trade accounts payable 487,430 434,222
资本支出应付 144,370 242,980
Accrued expenses 338,669 26.4,212
Total current liabilities 1那005,661 1那018,184
Long-term debt 1,364,638 1435269年
Long-term debt, related party 7.5,000 7.5,000
Pension and severance obligations 16.6.那7.01 16.7.那19.7.
Other non-current liabilities 7.6.那6.8.2 113,242
Total liabilities 2那6.8.8.那6.8.2 2那8.08,892
雅克stockholders’ equity:
Preferred stock - -
Common stock 28.4 28.3
Additional paid-in capital 1那8.9.5,089 1那8.8.3,592
Accumulated deficit (303,557 ） (467,747 ）
Accumulated other comprehensive income (loss) 6.那26.2 (2,084 ）
Treasury stock (214,490 ） (213,758 ）
Total Amkor stockholders’ equity 1那383,588 1,200,286
Noncontrolling interests in subsidiaries 19,816. 17.那250
总股权 1那403,404 1217536年
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:
净收入 $ 167,304 $ 53,893
Depreciation and amortization 555,186 494,200
Loss on debt retirement - 9.那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.那8.13
Net cash provided by (used in) operating activities 7.29.那402 584,975
Cash flows from investing activities:
支付财产、厂房和设备 （650.那038 ） （537,975. ）
Proceeds from sale of property, plant and equipment 45,635 6.那9.45
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.那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.那247 931.
Payments of tax withholding for restricted shares (732 ） (730 ）
Payments of subsidiary dividends to noncontrolling interests （548. ） (246 ）
由（用于）融资活动提供的净现金 （11.2那17.9. ） 2那6.13
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash 351 -
Net increase (decrease) in cash, cash equivalents and restricted cash 28.那147 7.2那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

修订以前报告的财务信息

In the second quarter of 2016, we identified an error in the provision for income taxes in the financial statements for J-Devices for the periods beginning in 2012 through the fourth quarter of 2015. We believe that the error is not material to 雅克for the periods impacted and have elected to revise our previously issued consolidated financial statements. Periods presented herein are based on the revised financial results. Please refer to the supplementary slides posted on our Investor Relations website for revised historical financial information.

前瞻性陈述免责声明

This press release contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical fact are considered forward-looking statements including, without limitation, all of the statements made under "Business Outlook" above. These forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could affect future results and cause actual results and events to differ materially from historical and expected results and those expressed or implied in the forward-looking statements, including, but not limited to, the following:

  • there can be no assurance regarding the success of our growth initiatives;
  • there can be no assurance regarding when our new factory and research and development center in Koreawill be fully utilized, or that the actual scope, costs, timeline or benefits of the project will be consistent with our current expectations;
  • the highly unpredictable nature, cyclicality, and rate of growth of the semiconductor industry;
  • timing and volume of orders relative to production capacity and the inability to achieve high capacity utilization rates, control costs and improve profitability;
  • volatility of consumer demand, double booking by customers and deterioration in forecasts from our customers for products incorporating our semiconductor packages, including any slowdown in demand or changes in customer forecasts for smartphones or other mobile devices and generally soft end market demand for electronic devices;
  • delays, lower manufacturing yields and supply constraints relating to wafers, particularly for advanced nodes and related technologies;
  • dependence on key customers and the impact of changes in our market share and prices for our services with those customers;
  • 我们的业务，经济和市场条件，现金需求和投资机会的表现，需要额外的能力和设施，以服务客户需求以及运营或融资的现金流量的可用性;
  • the effect of the global economy on credit markets, financial institutions, customers, suppliers and consumers, including the uncertain macroeconomic environment;
  • the highly unpredictable nature and costs of litigation and other legal activities and the risk of adverse results of such matters and the impact of other legal proceedings;
  • changes in tax rates and taxes as a result of changes in U.S. or foreign tax law or the jurisdictions thereof, changes in our organizational structure, changes in the jurisdictions in which our income is determined to be earned and taxed, the outcome of tax reviews, audits and ruling requests, our ability to realize deferred tax assets and the expiration of tax holidays;
  • curtailment of outsourcing by our customers;
  • our substantial indebtedness and restrictive covenants;
  • failure to realize sufficient cash flow or access to other sources of liquidity to fund capital expenditures;
  • the effects of an economic slowdown in major economies worldwide, particularly the recent slowdown in China;
  • 中断我们的业务或缺陷controls resulting from the integration of newly acquired operations, particularly J-Devices, or the implementation and security of, and changes to, our enterprise resource planning, factory shop floor systems and other management information systems;
  • economic effects of terrorist attacks, political instability, natural disasters and military conflict;
  • competition, competitive pricing and declines in average selling prices;
  • fluctuations in manufacturing yields;
  • dependence on international operations and sales and fluctuations in foreign currency exchange rates, particularly in Japan;
  • dependence on raw material and equipment suppliers and changes in raw material and precious metal costs;
  • dependence on key personnel;
  • 执行和遵守知识产权;
  • environmental and other governmental regulations, including regulatory efforts by foreign governments to support local competitors; and
  • technological challenges.

Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect our operating results and financial condition are discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2015 and in the company's subsequent filings with the Securities and Exchange Commissionmade prior to or after the date hereof. 雅克undertakes no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Source: 雅克Technology, Inc.

雅克Technology, Inc.
Megan Faust
Corporate Vice President & Chief Financial Officer
480-786-7707
megan.faust@www.chenyuhi.com
or
Greg Johnson
Vice President, Finance and Investor Relations
480-786-7594
greg.johnson@www.chenyuhi.com