Amkor Technology (AMKR) Q4 FY2023 earnings: revenue $1.8 billion, down 8.1% on the year

Amkor Technology, Inc. (AMKR) reported revenue of $1.8 billion for Q4 FY2023, the quarter ended 31 December 2023, down 8.1% on the same quarter a year earlier. Net income was $118 million, down 28.4% on the year, and diluted earnings per share $0.48. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$1.8 billiondown 8.1%

Net income$118 milliondown 28.4%

Diluted EPS$0.48

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,752	1,822	n/a	n/a
Cost of revenue	1,473	1,539	n/a	n/a
Gross profit	279	283	n/a	n/a
Gross margin	15.9%	15.5%	n/a
Research and development	41.6	43.1	n/a	n/a
Selling, general and administrative	78.8	73.0	n/a	n/a
Operating income	159	167	n/a	n/a
Operating margin	9.1%	9.1%	n/a
Interest expense	15.5	13.0	n/a	n/a
Pre-tax income	152	162	n/a	n/a
Income tax	32.5	28.9	n/a	n/a
Effective tax rate	21.5%	17.8%	n/a
Net income	118	133	n/a	n/a
Net margin	6.7%	7.3%	n/a
Diluted EPS	$0.48	$0.54	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	574	274	n/a	n/a
Capital expenditure	238	229	n/a	n/a
Free cash flow	336	44.3	n/a	n/a
Free cash flow margin	19.2%	2.4%	n/a
Cash from investing	-255	-278	n/a	n/a
Cash from financing	55.2	-62.7	n/a	n/a
Depreciation and amortisation	159	158	n/a	n/a
Dividends paid	19.4	18.5	n/a	n/a
Dividend per share	n/a	$0.07	n/a	n/a
Diluted shares, weighted	247m	247m	n/a	n/a
Shares outstanding at period end	246m	246m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	3,962	3,847	n/a	n/a
Non-controlling interest	32.7	31.4	n/a	n/a
Debt	1,210	1,102	n/a	n/a
Operating lease liabilities	56.8	59.0	n/a	n/a
Finance lease liabilities	47.8	40.5	n/a	n/a
Other liabilities	1,462	1,655	n/a	n/a
Total liabilities and equity	6,771	6,735	n/a	n/a
Goodwill	20.0	18.9	n/a	n/a
Investments	475	439	n/a	n/a
Cash and equivalents	1,120	736	n/a	n/a
Receivables	1,149	1,411	n/a	n/a
Inventory	393	478	n/a	n/a
Other assets	3,614	3,652	n/a	n/a
Total assets	6,771	6,735	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,822	1,752	1,366	1,461	1,862	1,629	1,322	1,511	1,987	1,888	1,685	1,898
Cost of revenue	1,539	1,473	1,164	1,249	1,589	1,382	1,164	1,329	1,702	1,573	1,446	1,579
Gross profit	283	279	202	212	272	247	158	182	284	315	239	319
Gross margin	16%	16%	15%	15%	15%	15%	12%	12%	14%	17%	14%	17%
R&D	43.1	41.6	38.2	39.6	42.4	42.8	45.7	42.0	42.4	36.7	41.8	39.8
SG&A	73.0	78.8	90.3	91.3	80.8	69.4	80.4	47.9	83.2	92.9	97.0	78.9
Operating income	167	159	73.1	81.5	149	134	31.5	92.0	159	185	100	200
Operating margin	9%	9%	5%	6%	8%	8%	2%	6%	8%	10%	6%	11%
Interest expense	13.0	15.5	16.4	15.8	15.6	17.1	16.8	16.8	21.2	20.6	17.7	17.0
Pre-tax income	162	152	72.0	81.6	142	136	25.8	83.2	154	181	96.3	203
Tax rate	18%	21%	17%	18%	14%	22%	15%	34%	18%	5%	13%	14%
Net income	133	118	58.9	66.9	123	106	21.1	54.4	127	172	83.4	174
Net margin	7%	7%	4%	5%	7%	6%	2%	4%	6%	9%	5%	9%
Diluted EPS	$0.54	$0.48	$0.24	$0.27	$0.49	$0.43	$0.09	$0.22	$0.51	$0.69	$0.33	$0.70
Operating cash flow	274	574	162	225	164	538	24.1	258	169	644	145	236
Capital expenditure	229	238	96.2	166	196	286	79.9	146	246	432	225	464
Free cash flow	44.3	336	66.1	58.4	-31.3	252	-55.7	112	-77.9	212	-79.5	-227
Dividends paid	18.5	19.4	19.4	19.4	19.4	120	0.0	40.9	20.4	20.6	20.7	20.7
Shares outstanding	246m	246m	246m	246m	247m	247m	247m	247m	247m	247m	248m	248m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 16 February 2024, accession 0001047127-24-000019: the filing on EDGAR. All of Amkor Technology, Inc.'s filings: EDGAR company page.

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