Amkor Technology(AMKR) - 2024 Q2 - Quarterly Results

Financial Performance - Net sales for Q2 2024 were $1.46 billion, a 7% increase sequentially from Q1 2024[1] - Gross profit was$ 212 million, with a gross margin of 14.5%, compared to 14.8% in Q1 2024 and 12.8% in Q2 2023[2] - Net income attributable to Amkor was $67 million, or$ 0.27 per diluted share, up from $59 million and$ 0.24 per share in Q1 2024[2] - EBITDA for Q2 2024 was $247 million, compared to$ 233 million in Q1 2024[2] - Net income for the six months ended June 30, 2024, was $127,044 thousand, representing an increase of 15.7% compared to$ 109,668 thousand for the same period in 2023[21] Sales and Market Segmentation - Advanced products accounted for $1.18 billion in net sales, representing 81% of total sales, while mainstream products contributed$ 281 million[9] - The top ten customers contributed 72% of total net sales, an increase from 70% in Q1 2024[9] - The Communications end market represented 48% of total sales, up from 47% in Q1 2024[9] Financial Guidance and Projections - The company expects Q3 2024 net sales guidance of $1.785 billion to$ 1.885 billion, with a gross margin forecast of 14.0% to 16.0%[4] - Full year 2024 capital expenditures are projected to be approximately $750 million[4] Cash Flow and Investments - Cash flows from operating activities provided$ 387,068 thousand for the six months ended June 30, 2024, compared to $422,578 thousand for the same period in 2023, indicating a decrease of 8.4%[21] - The company reported a net cash used in investing activities of$ 275,059 thousand for the six months ended June 30, 2024, compared to $418,872 thousand for the same period in 2023, a decrease of 34.3%[21] Assets and Liabilities - Cash and short-term investments totaled$ 1.5 billion, while total debt stood at $1.1 billion as of June 30, 2024[2] - Total current assets decreased from$ 3,195,810 thousand as of December 31, 2023, to $3,136,841 thousand as of June 30, 2024, a decline of approximately 1.8%[18] - Total liabilities increased slightly from$ 2,776,090 thousand as of December 31, 2023, to $2,782,216 thousand as of June 30, 2024[18] - Long-term debt decreased from$ 1,071,832 thousand as of December 31, 2023, to $949,320 thousand as of June 30, 2024, a reduction of approximately 11.4%[18] - Total stockholders' equity increased from$ 3,962,308 thousand as of December 31, 2023, to $4,049,657 thousand as of June 30, 2024, an increase of approximately 2.2%[18] - Capital expenditures payable rose significantly from$ 106,368 thousand as of December 31, 2023, to $274,702 thousand as of June 30, 2024, indicating a substantial increase of 158.5%[18] Industry Outlook - The company anticipates continued challenges due to the cyclical nature of the semiconductor industry and potential impacts from global economic conditions[23]