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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/25/24 ASE Technology Holding Co., Ltd. 6-K 4/25/24 1:4.9M Davis Polk & … LLP 01/FA |
Document/Exhibit Description Pages Size
1: 6-K Current, Quarterly or Annual Report by a Foreign HTML 28K
Issuer
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
| Commission File Number 001-16125 | |
| ASE Technology Holding Co., Ltd. | |
| (Translation of registrant’s name into English) | |
|
26, Chin 3rd Road Kaohsiung, Taiwan Republic of China | |
| (Address of principal executive offices) | |
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F ☒ Form 40-F ☐ |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ASE TECHNOLOGY HOLDING CO., LTD. | ||
| Date: April 25, 2024 | By: | /s/ Joseph Tung |
| Name: Joseph Tung | ||
| Title: Chief Financial Officer | ||
First Quarter 2024 Earnings Release 25 April, 2024 ASE Technology Holding
Safe Harbor Notice This presentation contains "forward - looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Although these forward - looking statements, which may include statements regarding our future results of operations, financial condition or business prospects, are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on these forward - looking statements, which apply only as of the date of this press release. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and similar expressions, as they relate to us, are intended to identify these forward - looking statements in this press release. These forward - looking statements are necessarily estimates reflecting the best judgment of our senior management and our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied by the forward - looking statements for reasons including, among others, risks associated with cyclicality and market conditions in the semiconductor or electronic industry; changes in our regulatory environment, including our ability to comply with new or stricter environmental regulations and to resolve environmental liabilities; demand for the outsourced semiconductor packaging, testing and electronic manufacturing services we offer and for such outsourced services generally; the highly competitive semiconductor or manufacturing industry we are involved in; our ability to introduce new technologies in order to remain competitive; international business activities; our business strategy; our future expansion plans and capital expenditures; the strained relationship between the Republic of China and the People’s Republic of China; general economic and political conditions; the recent shift in United States trade policies; possible disruptions in commercial activities caused by natural or human - induced disasters; fluctuations in foreign currency exchange rates; and other factors. For a discussion of these risks and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including the 2023 Annual Report on Form 20 - F filed on April 3, 2024 . 2
Consolidated Statements of Income Quarterly Comparison (Unaudited) 3 (NT$ million) Q1 / 2024 % Q4 / 2023 % Q1 / 2023 % QoQ YoY Net Revenues: ATM 72,862 54.9% 80,761 50.3% 72,524 55.4% -10% 0% EMS 59,326 44.7% 79,155 49.3% 57,731 44.1% -25% 3% Others 615 0.4% 665 0.4% 636 0.5% -8% -3% Total Net Revenues 132,803 100.0% 160,581 100.0% 130,891 100.0% -17% 1% Gross Profit 20,868 15.7% 25,761 16.0% 19,339 14.8% -19% 8% Operating Income (Loss) 7,525 5.7% 11,815 7.4% 7,695 5.9% -36% -2% Pretax Income (Loss) 7,860 5.9% 12,367 7.7% 7,870 6.0% -36% 0% Income Tax Benefit (Expense) (1,904) -1.4% (2,461) -1.5% (1,777) -1.4% Non-controlling Interests (274) -0.2% (514) -0.3% (276) -0.2% Net Income Attributable to Shareholders of the Parent 5,682 4.3% 9,392 5.8% 5,817 4.4% -40% -2% Basic EPS(NT$) 1.32 2.18 1.36 -39% -3% Diluted EPS(NT$) 1.28 2.13 1.30 -40% -2% Additional Commentary From Management 1&2 : Gross Profit excl. PPA expenses 21,775 16.4% 26,668 16.6% 20,256 15.5% -18% 7% Operating Income excl. PPA expenses 8,695 6.5% 12,984 8.1% 8,874 6.8% -33% -2% Net income attributable to shareholders of the parent excl. PPA expenses 6,834 5.1% 10,544 6.6% 6,980 5.3% -35% -2% Basic EPS(NT$) excl. PPA expenses 1.58 2.45 1.63 -36% -3% 1 : PPA expenses are the P&L impacts from the accounting treatment of purchase price allocation in relation to the ASE/SPIL trans act ion, which resulted in increased asset values from purchase price premiums in PP&E, intangibles and right - of - use assets. The PPA expenses excluded are related to depreciation, amortization and other expenses NT$1.13bn in 1Q24, NT$1.12bn in 4Q23 and NT$1.13bn in 1Q23. 2 : PPA expenses are the P&L impacts from the accounting treatment of purchase price allocation in relation to the USI/ Asteelflash transaction, which resulted in increased asset and liability values from purchase price premiums in PP&E, intangibles, right - of - use assets an d deferred tax liability. The PPA expenses excluded are related to depreciation, amortization, other expenses and income tax benefit NT$0.03bn in both 1Q24 and 4Q23, and NT$0.04bn in 1Q23.
Consolidated Operations (Unaudited) 4 72,524 75,256 82,590 80,761 72,862 57,731 60,384 70,948 79,155 59,326 636 635 629 665 615 14.8% 16.0% 16.2% 16.0% 15.7% 5.9% 6.9% 7.4% 7.4% 5.7% 0% 10% 20% 30% 0 30,000 60,000 90,000 120,000 150,000 180,000 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 NT$ million ATM Revenue EMS Revenue Other Revenue Gross Margin Operating Margin
ATM Statements of Income Quarterly Comparison (Unaudited) 5 (NT$ million) Q1 / 2024 % Q4 / 2023 % Q1 / 2023 % QoQ YoY Net Revenues: Packaging 60,388 81.7% 67,378 82.1% 60,770 82.9% -10% -1% Testing 12,102 16.4% 13,363 16.3% 11,407 15.6% -9% 6% Direct Material 1,338 1.8% 1,205 1.5% 1,106 1.5% 11% 21% Others 80 0.1% 58 0.1% 36 0.0% 38% 122% Total Net Revenues 73,908 100.0% 82,004 100.0% 73,319 100.0% -10% 1% Gross Profit 15,557 21.0% 19,218 23.4% 14,749 20.1% -19% 5% Operating Income (Loss) 6,077 8.2% 9,212 11.2% 6,409 8.7% -34% -5% Additional Commentary From Management 1 : Gross Profit excl. PPA expenses 16,433 22.2% 20,091 24.5% 15,624 21.3% -18% 5% Operating Income excl. PPA expenses 7,203 9.7% 10,335 12.6% 7,534 10.3% -30% -4% 1 : PPA expenses are the P&L impacts from the accounting treatment of purchase price allocation in relation to the ASE/SPIL transacti on, which resulted in increased asset values from purchase price premiums in PP&E, intangibles and right - of - use assets. The PPA expenses e xcluded are related to depreciation, amortization and other expenses NT$1.13bn in 1Q24, NT$1.12bn in 4Q23, and NT$1.13bn in 1Q23.
ATM Operations (Unaudited) 6 14,749 16,161 18,590 19,218 15,557 73,319 76,108 83,684 82,004 73,908 20.1% 21.2% 22.2% 23.4% 21.0% 0% 10% 20% 30% 40% 0 20,000 40,000 60,000 80,000 100,000 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 NT$ million Gross Profit Gross Margin Revenue
ATM Revenues by Application (Unaudited) 7 50% 49% 52% 53% 52% 17% 18% 19% 17% 18% 33% 33% 29% 30% 30% 0% 20% 40% 60% 80% 100% Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Communication Computing Automotive, Consumer & Others
ATM Revenues by Type (Unaudited) 8 41% 41% 44% 44% 43% 34% 34% 32% 30% 30% 8% 7% 8% 8% 9% 16% 16% 15% 16% 16% 1% 2% 1% 2% 2% 0% 20% 40% 60% 80% 100% Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Material Testing Others Wirebonding Bump/FC/WL P/SiP
EMS Operations Quarterly Comparison/Revenues by Application (unaudited) (NT$ million) Q1 / 2024 % Q4 / 2023 % Q1 / 2023 % QoQ YoY EMS Net Revenues 59,365 100.0% 79,182 100.0% 57,733 100.0% -25% 3% Gross Profit 5,499 9.3% 6,686 8.4% 4,567 7.9% -18% 20% Operating Income (Loss) 1,657 2.8% 2,799 3.5% 1,325 2.3% -41% 25% 9 35% 34% 34% 40% 34% 8% 8% 8% 11% 12% 29% 33% 37% 28% 27% 17% 15% 12% 11% 12% 9% 8% 7% 8% 12% 2% 2% 2% 2% 3% 0% 20% 40% 60% 80% 100% Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Communication Computing Consumer Industrial Automotive Others
Key Balance Sheet Items & Indices (Unaudited) 10 (NT$ million) Mar. 31, 2024 Dec. 31, 2023 Cash and cash equivalent $75,105 $67,284 Financial assets - current 8,410 4,683 Financial assets - non current & investments - equity method 30,776 29,698 Property, plant & equipment 265,592 264,812 Total assets 681,470 666,575 Short-term loans & short-term bills payable 56,863 53,042 Current portion of bonds payable 9,602 24,520 Current portion of long-term loans 4,473 4,096 Bonds payable 31,618 20,489 Long-term loans 84,589 81,365 Total interest bearing debts 195,344 191,734 Total liabilities 369,301 348,465 Total equity (Including non-controlling interest) 312,169 318,110 Quarterly EBITDA 23,974 28,606 Current ratio 1.19 1.18 Net debt to equity ratio 0.36 0.38
Equipment Capital Expenditures vs. EBITDA (Unaudited) 11 231 209 239 234 228 781 843 885 895 766 0 200 400 600 800 1,000 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 US$ million Capex EBITDA
Second Quarter 2024 Outlook Based on our current business outlook and exchange rate assumptions, management projects overall performance for the second quarter of 2024 to be as follows: n In NT dollar terms, our ATM 2nd quarter 2024 revenues should grow by mid single digits quarter over quarter; n Our ATM 2nd quarter gross margin should be slightly above 1st quarter 2024 levels; n In NT dollar terms, our EMS 2nd quarter 2024 revenues should be similar with the 1st quarter 2024; n Our EMS 2nd quarter 2024 operating margin should be slightly below 1st quarter 2024 levels. 12
Thank you
Appendix 1 Consolidated Statements of Comprehensive Income (Unaudited) 14 (NT$ thousand) Q1/2023 Q2/2023 Q3/2023 Q4/2023 FY/2023 Q1/2024 Revenues 130,891,073 136,275,353 154,166,844 160,581,201 581,914,471 132,802,855 COGS 111,551,750 114,534,530 129,251,183 134,819,876 490,157,339 111,934,809 PPA under COGS 917,384 913,036 907,151 906,818 3,644,389 907,257 Gross profit 19,339,323 21,740,823 24,915,661 25,761,325 91,757,132 20,868,046 Gross profit excl. PPA 20,256,707 22,653,859 25,822,812 26,668,143 95,401,521 21,775,303 OPEX 11,643,749 12,328,656 13,510,320 13,946,699 51,429,424 13,343,096 PPA under OPEX 261,948 262,147 262,426 262,460 1,048,981 262,320 Operating income 7,695,574 9,412,167 11,405,341 11,814,626 40,327,708 7,524,950 Operating income excl. PPA 8,874,906 10,587,350 12,574,918 12,983,904 45,021,078 8,694,527 Non Op gain/(loss) 174,771 698,626 846,651 552,592 2,272,640 334,868 PPA under Non Op gain/ (loss) 6,270 7,693 69 1,423 15,455 1,027 Non Op gain/ (loss) excl. PPA 181,041 706,319 846,720 554,015 2,288,095 335,895 Pretax income 7,870,345 10,110,793 12,251,993 12,367,218 42,600,349 7,859,818 PPA under Pretax income 1,185,602 1,182,876 1,169,646 1,170,701 4,708,825 1,170,604 Pretax income excl. PPA 9,055,947 11,293,669 13,421,639 13,537,919 47,309,174 9,030,422 Tax expenses 1,777,556 1,913,865 2,890,485 2,461,045 9,042,951 1,904,488 PPA under Tax expense (13,652) (12,466) (11,470) (11,278) (48,866) (10,700) Tax expense excl. PPA 1,791,208 1,926,331 2,901,955 2,472,323 9,091,817 1,915,188 Non-controlling interests 275,624 456,505 585,666 514,200 1,831,995 273,822 PPA under Non-controlling interests 9,332 8,517 7,814 7,709 33,372 7,239 Non-controlling interests excl. PPA 284,956 465,022 593,480 521,909 1,865,367 281,061 Net income attributable to shareholders of the parent 5,817,165 7,740,423 8,775,842 9,391,973 31,725,403 5,681,508 PPA expenses under Net income attributable to shareholders of the parent 1,162,618 1,161,893 1,150,362 1,151,714 4,626,587 1,152,665 Net income attributable to shareholders of the parent excl. PPA 6,979,783 8,902,316 9,926,204 10,543,687 36,351,990 6,834,173 Total PPA expenses 1,171,950 1,170,410 1,158,176 1,159,423 4,659,959 1,159,904 Basic EPS (NT$) 1.36 1.80 2.04 2.18 7.39 1.32 Basic EPS (NT$) excl. PPA 1.63 2.07 2.31 2.45 8.46 1.58 Diluted EPS (NT$) 1.30 1.76 2.00 2.13 7.18 1.28 Diluted EPS (NT$) excl. PPA 1.57 2.03 2.27 2.40 8.25 1.54
| This ‘6-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on / For Period end: | 4/25/24 | 6-K | ||
| 4/3/24 | 20-F | |||
| 3/31/24 | ||||
| 12/31/23 | 20-F | |||
| List all Filings | ||||