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Item 5. Market for Registrant’s Common Equity

2022-02-18 compared with 2021-02-19 · 14 added, 51 removed, 24 unchanged (73% of the section changed)

1 unchanged sentence

LISTING ON THE NASDAQ GLOBAL SELECT MARKET

Our common stock is traded on the NASDAQ Global Select Market under the symbol “AMKR”.

There were approximately 126 holders of record of our common stock as of February 12, 2021.

Our common stock is traded on the NASDAQ Global Select Market under the symbol “AMKR.” There were approximately 120 holders of record of our common stock as of February 11, 2022.

DIVIDEND POLICY

In October 2020, our Board of Directors approved the initiation of a regular quarterly cash dividend on our common stock.

The first quarterly dividend of $0.04 per share was paid on January 7, 2021 to stockholders of record as of December 18, 2020.

Each quarter since the adoption of this dividend policy, the Company has declared and paid a quarterly dividend.

In November 2021, our Board of Directors approved a quarterly dividend of $0.05 per share, representing a 25% increase.

We currently anticipate that we will continue to pay quarterly cash dividends in the future.

However, the payment, amount and timing of future dividends remain within the discretion of our Board of Directors and will depend upon our results of operations, financial condition, cash requirements, debt restrictions and other factors.

Refer to the Liquidity section in Item 7 of this Annual Report on Form 10-K for additional information.

Refer to the “Liquidity” section in Item 7 of this Form 10-K for additional information.

RECENT SALES OF UNREGISTERED SECURITIES

EQUITY COMPENSATION PLANS

The information required by this item regarding equity compensation plans is set forth in Part III, Item 12 of this Annual Report on Form 10-K.

The information required by this item regarding equity compensation plans is set forth in Part III, Item 12 of this Form 10-K.

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

5 unchanged sentences

Total 173 22.60 —

(a) Represents shares of common stock surrendered to us to satisfy tax withholding obligations associated with the vesting of restricted shares issued to employees.

(b) Our Board of Directors previously authorized the repurchase of up to $300.0 million of our common stock, $150.0 million in August 2011 and $150.0 million in February 2012, exclusive of any fees, commissions or other expenses.

During 2020 and 2019, we made no common stock purchases, and at December 31, 2020, approximately $91.6 million was available pursuant to the stock repurchase program.

(a) Represents shares of common stock surrendered to us to satisfy tax withholding obligations associated with share-based compensation awards issued to employees.

(b) On August 30, 2011, we announced that our Board of Directors had authorized the repurchase of up to $150.0 million of our common stock, exclusive of any fees, commissions or other expenses, under the Stock Repurchase Program.

On February 1, 2012, we announced that the Board of Directors had authorized an additional $150.0 million for the repurchase of our common stock under the Stock Repurchase Program, resulting in a total repurchase authorization under the Stock Repurchase Program of $300.0 million.

Pursuant to the Stock Repurchase Program, we made no common stock purchases for the three months ended December 31, 2021, and at December 31, 2021, approximately $91.6 million was available for repurchase.

Repurchases of our common stock under the Stock Repurchase Program are funded with available cash, and the Stock Repurchase Program may be suspended or discontinued at any time.

PERFORMANCE GRAPH (1)(2)

(1) The preceding Stock Performance Graph is not deemed filed with the SEC and shall not be incorporated by reference in any of our filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

The stock performance shown on the performance graph above is not necessarily indicative of future performance.

We will not make or endorse any predictions as to Amkor’s future stock performance.

(2) We have added the S&P MidCap 400 index to the performance graph above because we believe that the companies included in that index are most closely aligned with Amkor’s market capitalization.

The following table sets forth the cumulative total returns included in the preceding Stock Performance Graph for the years ended December 31, 2016 through 2021:

5 unchanged sentences

PHLX Semiconductor 100.00 140.54 132.05 215.58 331.27 473.22

Selected Financial Data

The following selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and our Consolidated Financial Statements in Part II, Item 7 and Item 8, respectively, of this Annual Report on Form 10-K.

SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA

For the Year Ended December 31,

2020 2019 2018 2017 (f) (g) 2016

(In thousands, except per share data)

Income Statement Data:

Net sales $ 5,050,589 $ 4,052,650 $ 4,316,466 $ 4,207,031 $ 3,927,849

Gross profit 900,814 649,439 710,565 761,079 709,891

Operating income 457,245 233,170 258,144 405,540 308,587

Loss on debt retirement (a) 3,042 8,536 1,512 4,835 —

Income tax expense (b) 46,183 37,182 56,250 39,791 51,042

Net income 340,499 122,628 129,565 267,705 178,653

Net income attributable to Amkor 338,138 120,888 127,092 263,550 175,530

Net income attributable to Amkor per common share:

Basic $ 1.40 $ 0.50 $ 0.53 $ 1.10 $ 0.74

Diluted $ 1.40 $ 0.50 $ 0.53 $ 1.10 $ 0.74

Other Financial Data:

Depreciation and amortization $ 510,396 $ 524,177 $ 571,961 $ 581,940 $ 555,186

Payments for property, plant and equipment 553,021 472,433 547,122 550,943 650,038

Dividends declared per common share (c) 0.04 — — — —

Balance Sheet Data (d):

Cash and cash equivalents $ 698,002 $ 894,948 $ 681,569 $ 596,364 $ 549,518

Working capital 816,945 941,730 512,785 325,945 404,035

Total assets (e) 5,022,311 4,695,615 4,495,447 4,508,388 4,092,086

Non-current liabilities, including debt (e) 1,352,365 1,645,573 1,481,124 1,470,620 1,683,021

Total Amkor stockholders’ equity 2,325,699 1,963,739 1,830,540 1,696,276 1,383,588

(a) In April 2019, we recorded an $8.4 million loss on extinguishment related to the call premium paid and other debt related costs associated with redemption of the outstanding $525.0 million aggregate principal amount of 6.375% Senior Notes due 2022.

In July 2017, we recorded a loss on debt retirement of $4.4 million relating to the partial early repayment of our 6.625% Senior Notes due 2021.

(b) In 2020, income tax expense includes a $20.2 million discrete tax benefit from the recognition of deferred tax assets we expect to utilize in future years.

In 2019, income tax expense includes a net $11.1 million discrete income tax charge related to changes in the valuation of certain deferred tax assets.

In 2018, we recorded a $22.3 million income tax expense to complete the accounting for the impact of the Tax Act.

This expense reduced our estimated net tax benefit of $41.6 million recorded in 2017, primarily due to the reversal of a valuation allowance on certain U.S.

deferred tax assets as a result of the enactment of the Tax Act.

(c) In October 2020, our Board of Directors approved the initiation of a regular quarterly cash dividend on our common stock.

The first quarterly dividend of $0.04 per share was paid on January 7, 2021 to stockholders of record as of December 18, 2020.

(d) On January 1, 2018, we retrospectively adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606).

The selected financial data as of December 31, 2016 was not adjusted for this new accounting standard.

(e) On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842).

As of December 31, 2019, there were increases to our consolidated balance sheet of approximately $128 million for operating lease right of use assets and approximately $132 million for operating lease liabilities.

(f) On May 22, 2017, we completed the purchase of Nanium.

Their financial results have been included in our Consolidated Financial Statements from the date of acquisition.

(g) In May 2017, we sold the land and buildings comprising our K1 factory in Korea for $142.4 million which resulted in a pre-tax gain of $108.1 million.

S&P Midcap 400 100.00 116.24 103.36 130.44 148.26 184.96

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity