6-K 1 dp183145_6k.htm FORM 6-K

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

October 27, 2022

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 ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

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: October 27, 2022 | By: | /s/ Joseph Tung
|  | Name: Joseph Tung
|  | Title: Chief Financial Officer

1 ASE Technology Holding Co., Ltd. October 27, 2022 ASE Technology Holding Third Quarter 2022 Earnings Release

2 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. 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 presentation. 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 2021 Annual Report on Form 20 - F filed on March 29, 2022.

3 Consolidated Statements of Income Quarterly Comparison (unaudited) (NT$ million) Q3 / 2022 % Q2 / 2022 % Q3/ 2021 % QoQ YoY Q3 / 2021 % YoY Net Revenues: ATM 97,137 51.5% 93,355 58.2% 88,791 58.9% 4% 9% 82,019 57.0% 18% EMS 90,660 48.1% 66,213 41.3% 61,116 40.6% 37% 48% 61,116 42.5% 48% Others 829 0.4% 871 0.5% 758 0.5% -5% 9% 758 0.5% 9% Total Net Revenues 188,626 100.0% 160,439 100.0% 150,665 100.0% 18% 25% 143,893 100.0% 31% Gross Profit 37,972 20.1% 34,388 21.4% 30,784 20.4% 10% 23% 29,251 20.3% 30% Operating Income (Loss) 23,683 12.6% 20,606 12.8% 18,426 12.2% 15% 29% 17,463 12.1% 36% Pretax Income (Loss) 23,615 12.5% 21,136 13.2% 18,474 12.3% 12% 28% 17,429 12.1% 35% Income Tax Benefit (Expense) (5,046) -2.7% (4,479) -2.8% (3,630) -2.4% (3,505) -2.4% Non-controlling Interests (1,104) -0.6% (669) -0.4% (668) -0.4% (668) -0.5% Net Income Attributable to Shareholders of the Parent 17,465 9.3% 15,988 10.0% 14,176 9.4% 9% 23% 13,256 9.2% 32% Basic EPS(NT$) 4.03 3.69 3.29 9% 22% 3.07 31% Diluted EPS(NT$) 3.92 3.61 3.20 9% 23% 2.99 31% Additional Commentary From Management 1&2 : Gross Profit excl. PPA expenses 38,888 20.6% 35,306 22.0% 31,716 21.1% 10% 23% 30,183 21.0% 29% Operating Income excl. PPA expenses 24,860 13.2% 21,786 13.6% 19,620 13.0% 14% 27% 18,657 13.0% 33% Net income attributable to shareholders of the parent excl. PPA expenses 18,628 9.9% 17,161 10.7% 15,374 10.2% 9% 21% 14,454 10.0% 29% Basic EPS(NT$) excl. PPA expenses 4.30 3.97 3.56 8% 21% 3.35 28% Pro Forma Basis* 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 $1.13bn in 3Q22 and 2Q22 and $1.15bn in 3Q21. 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 and deferred tax liability. The PPA expenses excluded are related to depreciation, amortization, other expenses and income tax benefit $0.03bn in 3Q22, $0.04bn in 2Q22 an d $ 0.05bn in 3Q21 . *: We are providing you with the unaudited pro forma financial information to assist you in your analysis of the financial aspects of our disposal of the China Sites in 4Q21. The unaudited pro forma financial information was based on our historical financial statements and the historical financial statements of our China sites, given effect to the disposal as if it had occurred for the preceding quarter of 3 Q21.

4 Consolidated Operations (unaudited) 65,557 70,919 82,019 83,805 82,355 93,355 97,137 47,684 49,147 61,116 81,541 61,163 66,213 90,660 602 619 758 812 873 871 829 18.3% 19.4% 20.3% 18.9% 19.7% 21.4% 20.1% 9.1% 10.3% 12.1% 11.3% 11.2% 12.8% 12.6% 0% 10% 20% 30% 40% 0 50,000 100,000 150,000 200,000 Q1/21* Q2/21* Q3/21* Q4/21* Q1/22 Q2/22 Q3/22 NT$ million ATM Revenue EMS Revenue Other Revenue Gross Margin Operating Margin *: We are providing you with the unaudited pro forma financial information to assist you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financi al statements and the historical financial statements of our China sites, given effect to the disposal as if it had occurred for the preceding quarters from 1Q21 to 4Q21.

5 ATM Statements of Income Quarterly Comparison (unaudited) (NT$ million) Q3 / 2022 % Q2 / 2022 % Q3 / 2021 % QoQ YoY Q3 / 2021 % YoY Net Revenues: Packaging 82,090 83.1% 79,894 84.1% 75,221 83.5% 3% 9% 69,512 83.5% 18% Testing 14,941 15.1% 13,760 14.5% 13,416 14.9% 9% 11% 12,354 14.8% 21% Direct Material 1,765 1.8% 1,288 1.3% 1,429 1.6% 37% 24% 1,429 1.7% 24% Others 35 0.0% 56 0.1% 26 0.0% -38% 35% 26 0.0% 35% Total Net Revenues 98,831 100.0% 94,998 100.0% 90,092 100.0% 4% 10% 83,321 100.0% 19% Gross Profit 28,832 29.2% 27,768 29.2% 24,714 27.4% 4% 17% 23,181 27.8% 24% Operating Income (Loss) 18,663 18.9% 17,995 18.9% 15,631 17.4% 4% 19% 14,667 17.6% 27% Additional Commentary From Management 1 : Gross Profit excl. PPA expenses 29,709 30.1% 28,645 30.2% 25,594 28.4% 4% 16% 24,061 28.9% 23% Operating Income excl. PPA expenses 19,790 20.0% 19,122 20.1% 16,761 18.6% 3% 18% 15,797 19.0% 25% Pro Forma Basis* 1 : PPA expenses are the P&L impacts from the accounting treatment of purchase price allocation in relation to the ASE/SPIL transaction, 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 $1.13bn in the quarters of 3Q22, 2Q22 and 3Q21. *: We are providing you with the unaudited pro forma financial information to assist you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financial statements and the historical financial statements of our China sites, given effect to the disposal as if it had occurred for the preceding quarter of 3Q21.

6 ATM Operations (unaudited) 16,989 18,876 23,181 24,301 23,101 27,768 28,832 68,139 72,747 83,321 85,180 84,025 94,998 98,831 24.9% 25.9% 27.8% 28.5% 27.5% 29.2% 29.2% 0% 10% 20% 30% 40% 50% 0 20,000 40,000 60,000 80,000 100,000 Q1/21* Q2/21* Q3/21* Q4/21* Q1/22 Q2/22 Q3/22 NT$ million Gross Profit Gross Margin Revenue *: We are providing you with the unaudited pro forma financial information to assist you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financi al statements and the historical financial statements of our China sites, given effect to the disposal as if it had occurred for the preceding quarters from 1Q21 to 4Q21.

7 ATM Revenue by Application (unaudited) 53% 52% 53% 53% 52% 52% 53% 14% 15% 15% 16% 16% 16% 16% 33% 33% 32% 31% 32% 32% 31% 0% 20% 40% 60% 80% 100% Q1/21* Q2/21* Q3/21* Q4/21* Q1/22 Q2/22 Q3/22 Communication Computing Automotive, Consumer & Others *: We are providing you with the unaudited pro forma financial information to assist you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financi al statements and the historical financial statements of our China sites, given effect to the disposal as if it had occurred for the preceding quarters from 1Q21 to 4Q21.

8 37% 36% 39% 40% 43% 43% 42% 38% 40% 37% 36% 34% 35% 34% 8% 7% 7% 7% 6% 6% 7% 15% 15% 15% 15% 15% 15% 15% 2% 2% 2% 2% 2% 1% 2% 0% 20% 40% 60% 80% 100% Q1/21* Q2/21* Q3/21* Q4/21* Q1/22 Q2/22 Q3/22 Material Testing Others Wirebonding Bump/FC/WLP /SiP ATM Revenue by Type (unaudited) *: We are providing you with the unaudited pro forma financial information to assist you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financi al statements and the historical financial statements of our China sites, given effect to the disposal as if it had occurred for the preceding quarters from 1Q21 to 4Q21.

9 EMS Operations Quarterly Comparison & Revenue by Application (unaudited ) (NT$ million) Q3 / 2022 % Q2 / 2022 % Q3 / 2021 % QoQ YoY EMS Net Revenues 90,665 100.0% 66,218 100.0% 61,127 100.0% 37% 48% Gross Profit 9,198 10.1% 6,650 10.0% 5,883 9.6% 38% 56% Operating Income (Loss) 5,130 5.7% 2,667 4.0% 2,658 4.3% 92% 93% 39% 39% 38% 38% 40% 35% 37% 7% 10% 10% 8% 10% 13% 9% 33% 28% 33% 38% 29% 28% 36% 14% 16% 12% 11% 13% 15% 11% 5% 5% 5% 4% 6% 8% 6% 2% 2% 2% 1% 2% 1% 1% 0% 20% 40% 60% 80% 100% Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Communication Computing Consumer Industrial Automotive Others

10 Key Balance Sheet Items & Indices (unaudited) (NT$ million) Sept. 30, 2022 Jun 30, 2022 Cash and cash equivalent $52,358 $72,846 Financial assets - current 9,667 6,136 Financial assets - non current & investments - equity method 22,926 22,356 Property, plant & equipment 264,508 254,784 Total assets 737,829 713,079 Short-term loans 78,056 60,722 Current portion of bonds payable 4,999 8,204 Current portion of long-term loans 3,158 3,631 Bonds payable 40,534 40,923 Long-term loans & long-term bills payable 89,273 97,367 Total interest bearing debts 223,969 218,309 Total liabilities 432,179 434,768 Total equity (Including non-controlling interest) 305,650 278,311 Quarterly EBITDA 38,601 35,211 Current ratio 1.22 1.18 Net debt to equity ratio 0.53 0.50

11 Equipment Capital Expenditure vs. EBITDA (unaudited) 432 567 425 437 443 515 400 830 916 1,108 1,174 1,100 1,203 1,283 0 200 400 600 800 1,000 1,200 1,400 Q1/21* Q2/21* Q3/21* Q4/21* Q1/22 Q2/22 Q3/22 US$ million Capex EBITDA *: We are providing you with the unaudited pro forma financial information to assist you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financial statements and the historical financial statements of our China sites, given effect to the disposal as if it had occurred for the preceding quarters from 1Q21 to 4Q21.

12 Fourth Quarter 2022 Outlook* Based on our current business outlook and exchange rate assumptions, management projects overall performance for the fourth quarter of 2022 to be as follows : • We see the US dollar and NT dollar exchange rate going from 30.1 in 3 rd quarter 2022 to 31.8 in 4 th quarter 2022; • In NT dollar terms, our ATM 4 th quarter 2022 business levels should be slightly below 2 nd quarter levels this year; • Our ATM 4 th quarter 2022 gross margin should be slightly below 1 st quarter 2022 gross margin; • In NT dollar terms, our EMS 4 th quarter 2022 business levels should be slightly above 3 rd quarter levels this year; • Our EMS 4 th quarter 2022 operating margin should be close to the operating margin in the same period last year. *: Due to the impact of the COVID - 19 outbreak, our outlook continues to be subject to a higher degree of risk. The information provided is done so as a reference of our current view as of the date of this presentation. Our business, financial condition an d results of operations are of greater adverse risk; and, as a result, there may be a higher likelihood of material variances b etw een our expected and actual results .

13 www.aseglobal.com Thank You

14 Appendix 1 Consolidated Statements of Comprehensive Income Pro Forma Historical Data* (unaudited) (NT$ million) Q1/2021 % Q2/2021 % Q3/2021 % Q4/2021 % FY/2021 % Net Revenues: ATM 65,557 57.6% 70,919 58.8% 82,019 57.0% 83,805 50.4% 302,300 55.5% EMS 47,684 41.9% 49,147 40.7% 61,116 42.5% 81,541 49.1% 239,488 44.0% Others 602 0.5% 619 0.5% 758 0.5% 812 0.5% 2,791 0.5% Total Net Revenues 113,843 100.0% 120,685 100.0% 143,893 100.0% 166,158 100.0% 544,579 100.0% Gross Profit 20,868 18.3% 23,470 19.4% 29,251 20.3% 31,454 18.9% 105,043 19.3% Operating Income (Loss) 10,405 9.1% 12,394 10.3% 17,463 12.1% 18,776 11.3% 59,038 10.8% Pretax Income (Loss) 10,625 9.3% 12,440 10.3% 17,429 12.1% 18,873 11.4% 59,368 10.9% Income Tax Benefit (Expense) (2,392) -2.1% (2,543) -2.1% (3,505) -2.4% (3,586) -2.2% (12,027) -2.2% Non-controlling Interests (252) -0.2% (358) -0.3% (668) -0.5% (828) -0.5% (2,106) -0.4% Net Income Attributable to Shareholders of the Parent 7,981 7.0% 9,539 7.9% 13,256 9.2% 14,459 8.7% 45,235 8.3% Basic EPS(NT$) 1.85 2.21 3.07 3.37 10.51 Diluted EPS(NT$) 1.80 2.12 2.99 3.21 10.12 FX (NTD/USD) 28.30 28.03 27.79 27.78 27.98 *: We are providing you with the unaudited pro forma financial information to assist you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financial statements and the historical financial statements of our China sites, given effect to the disposal as if it had occurred for the preceding quarters from 1Q21 to 4Q21 and full year 2021 .

15 Appendix 2 ATM Statements of Comprehensive Income Pro Forma Historical Data* (unaudited) (NT$ million) Q1/2021 % Q2/2021 % Q3/2021 % Q4/2021 % FY/2021 % Net Revenues: Packaging 56,844 83.4% 60,716 83.5% 69,512 83.5% 70,942 83.3% 258,014 83.4% Testing 10,204 15.0% 10,656 14.6% 12,354 14.8% 12,700 14.9% 45,914 14.9% Direct Material 1,044 1.5% 1,372 1.9% 1,429 1.7% 1,502 1.8% 5,347 1.7% Others 47 0.1% 3 0.0% 26 0.0% 36 0.0% 112 0.0% Total Net Revenues 68,139 100.0% 72,747 100.0% 83,321 100.0% 85,180 100.0% 309,387 100.0% Gross Profit 16,989 24.9% 18,876 25.9% 23,181 27.8% 24,301 28.5% 83,346 26.9% Operating Income (Loss) 9,415 13.8% 11,048 15.2% 14,667 17.6% 15,216 17.9% 50,345 16.3% FX (NTD/USD) 28.30 28.03 27.79 27.78 27.98 *: We are providing you with the unaudited pro forma financial information to assist you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financial statements and the historical financial statements of our China sites, given effect to the disposal as if it had occurred for the preceding quarters from 1Q21 to 4Q21 and full year 2021.

16 Appendix 3 Consolidated Statements of Comprehensive Income ( unaudited) (NT$ Thousand) Q1/2021 Q2/2021 Q3/2021 Q4/2021 FY/2021 Q1/2022 Q2/2022 Q3/2022 Revenues 119,469,784 126,926,346 150,664,816 172,936,186 569,997,132 144,390,827 160,439,019 188,625,557 COGS 97,583,415 102,122,197 119,880,851 140,041,892 459,628,355 115,919,599 126,051,460 150,653,584 PPA under COGS 1,024,525 933,946 931,880 925,188 3,815,539 920,316 918,661 916,426 Gross profit 21,886,369 24,804,149 30,783,965 32,894,294 110,368,777 28,471,228 34,387,559 37,971,973 Gross profit excl. PPA 22,910,894 25,738,095 31,715,845 33,819,482 114,184,316 29,391,544 35,306,220 38,888,399 OPEX 10,977,703 11,630,191 12,357,669 13,278,865 48,244,428 12,358,395 13,782,006 14,289,270 PPA under OPEX 269,154 263,543 262,097 261,699 1,056,493 261,477 261,428 261,109 Operating income 10,908,666 13,173,958 18,426,296 19,615,429 62,124,349 16,112,833 20,605,553 23,682,703 Operating income excl. PPA 12,202,345 14,371,447 19,620,273 20,802,316 66,996,381 17,294,626 21,785,642 24,860,238 Non Op gain/(loss) 271,633 170,726 48,235 17,720,464 18,211,058 549,787 529,795 (67,443) PPA under Non Op gain/ (loss) 43,225 2,813 39,929 40,799 126,766 3,637 20,922 7,038 Non Op gain/ (loss) excl. PPA 314,858 173,539 88,164 17,761,263 18,337,824 553,424 550,717 (60,405) Pretax income 11,180,299 13,344,684 18,474,530 37,335,892 80,335,405 16,662,621 21,135,348 23,615,261 PPA under Pretax income 1,336,904 1,200,302 1,233,906 1,227,686 4,998,798 1,185,430 1,201,011 1,184,573 Pretax income excl. PPA 12,517,203 14,544,986 19,708,436 38,563,578 85,334,203 17,848,051 22,336,359 24,799,834 Tax expenses 2,451,096 2,648,128 3,630,545 5,592,057 14,321,826 3,277,505 4,478,602 5,046,341 PPA under Tax expense (38,471) (16,250) (20,612) (21,430) (96,773) (13,081) (16,957) (12,653) Tax expense excl. PPA 2,489,567 2,664,378 3,651,157 5,613,487 14,418,599 3,290,586 4,495,559 5,058,994 Non-controlling interests 252,076 358,136 667,705 827,984 2,105,901 477,834 668,595 1,104,295 PPA under Non-controlling interests 30,714 12,788 15,661 16,695 75,858 9,074 10,913 8,619 Non-controlling interests excl. PPA 282,790 370,924 683,366 844,679 2,181,759 486,908 679,508 1,112,914 Net income attributable to shareholders of the parent 8,477,127 10,338,420 14,176,280 30,915,851 63,907,678 12,907,282 15,988,151 17,464,625 PPA expenses under Net income attributable to shareholders of the 1,267,719 1,171,264 1,197,633 1,189,561 4,826,167 1,163,275 1,173,141 1,163,301 Net income attributable to shareholders of the parent excl. PPA 9,744,846 11,509,684 15,373,913 32,105,412 68,733,845 14,070,557 17,161,292 18,627,926 Total PPA expenses 1,298,433 1,184,052 1,213,294 1,206,256 4,902,025 1,172,349 1,184,054 1,171,920 Basic EPS (NT$) 1.97 2.40 3.29 7.20 14.84 3.01 3.69 4.03 Basic EPS (NT$) excl. PPA 2.26 2.67 3.56 7.48 15.96 3.28 3.97 4.30 Diluted EPS (NT$) 1.92 2.30 3.20 6.99 14.40 2.92 3.61 3.92 Diluted EPS (NT$) excl. PPA 2.21 2.57 3.47 7.27 15.50 3.19 3.88 4.18