Amkor Technology(AMKR) - 2024 Q3 - Quarterly Results

Financial Performance - Net sales for Q3 2024 reached $1.86 billion, a 27% increase sequentially from Q2 2024[1] - Gross profit was$ 272 million, with a gross margin of 14.6%[2] - Operating income for the quarter was $149 million, representing an operating income margin of 8.0%[2] - Net income attributable to Amkor was$ 123 million, with earnings per diluted share of $0.49[2] - The company expects Q4 2024 net sales to be between$ 1.60 billion and $1.70 billion, with a gross margin of 13.5% to 15.5%[4] - Net income for the nine months ended September 30, 2024, was$ 249,734 thousand, slightly up from $243,119 thousand for the same period in 2023, indicating a year-over-year increase of about 2.7%[18] Sales and Market Segmentation - Advanced products accounted for$ 1.57 billion in net sales, representing 84% of total sales in Q3 2024[8] - The top ten customers contributed 74% of total net sales in Q3 2024[8] - Communications end market represented 52% of total sales, an increase from 48% in Q2 2024[8] Cash and Investments - Total cash and short-term investments stood at $1.5 billion, while total debt was$ 1.1 billion as of September 30, 2024[2] - Cash and cash equivalents decreased to $959,140 thousand from$ 1,119,818 thousand, representing a decline of approximately 14.4%[16] - The company reported a net cash used in investing activities of $501,752 thousand, compared to$ 696,897 thousand in the previous year, a decrease of approximately 28.0%[18] - The effect of exchange rate fluctuations resulted in a net decrease of $2,868 thousand on cash, cash equivalents, and restricted cash[18] Assets and Liabilities - Total assets increased to$ 7,029,086 thousand as of September 30, 2024, compared to $6,771,125 thousand at December 31, 2023, reflecting a growth of approximately 3.8%[16] - Total current liabilities rose to$ 1,572,831 thousand, up from $1,384,475 thousand, marking an increase of about 13.6%[16] - Long-term debt decreased to$ 893,994 thousand from $1,071,832 thousand, a reduction of approximately 16.6%[16] - Total stockholders' equity increased to$ 4,197,254 thousand from $3,995,035 thousand, showing a growth of approximately 5.0%[16] Capital Expenditures - Full year 2024 capital expenditures are projected to be approximately$ 750 million[4] - Capital expenditures payable increased significantly to $210,398 thousand from$ 106,368 thousand, indicating an increase of about 97.7%[16] Operating Activities - Net cash provided by operating activities for the nine months was $551,260 thousand, down from$ 696,187 thousand in the prior year, reflecting a decrease of about 20.8%[18]