6-K 1 dp192855_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

April 27, 2023

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 27, 2023 | By: | /s/ Joseph Tung
|  | Name: Joseph Tung
|  | Title: Chief Financial Officer

First Quarter 2023 Earnings Release 27 April, 2023 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. 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 2022 Annual Report on Form 20 - F filed on April 10, 2023 . 2

Consolidated Statements of Income Quarterly Comparison (Unaudited) 3 (NT$ million) Q1 / 2023 % Q4 / 2022 % Q1/ 2022 % QoQ YoY Net Revenues: ATM 72,524 55.4% 92,742 52.3% 82,355 57.0% -22% -12% EMS 57,731 44.1% 83,931 47.3% 61,163 42.4% -31% -6% Others 636 0.5% 744 0.4% 873 0.6% -15% -27% Total Net Revenues 130,891 100.0% 177,417 100.0% 144,391 100.0% -26% -9% Gross Profit 19,339 14.8% 34,099 19.2% 28,471 19.7% -43% -32% Operating Income (Loss) 7,695 5.9% 19,774 11.1% 16,113 11.2% -61% -52% Pretax Income (Loss) 7,870 6.0% 20,212 11.4% 16,663 11.5% -61% -53% Income Tax Benefit (Expense) (1,777) -1.4% (3,596) -2.0% (3,278) -2.3% Non-controlling Interests (276) -0.2% (886) -0.5% (478) -0.3% Net Income Attributable to Shareholders of the Parent 5,817 4.4% 15,730 8.9% 12,907 8.9% -63% -55% Basic EPS(NT$) 1.36 3.77 3.01 -64% -55% Diluted EPS(NT$) 1.30 3.57 2.92 -64% -56% Additional Commentary From Management 1&2 : Gross Profit excl. PPA expenses 20,256 15.5% 35,017 19.7% 29,391 20.4% -42% -31% Operating Income excl. PPA expenses 8,874 6.8% 20,954 11.8% 17,295 12.0% -58% -49% Net income attributable to shareholders of the parent excl. PPA expenses 6,980 5.3% 16,894 9.5% 14,070 9.7% -59% -50% Basic EPS(NT$) excl. PPA expenses 1.63 4.05 3.28 -60% -50% 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 1Q23, 4Q22, and 1Q22. 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 $0.04bn in 1Q23, 4Q22, and 1Q22.

Consolidated Operations (Unaudited) 4 82,355 93,355 97,137 92,742 72,524 61,163 66,213 90,660 83,931 57,731 873 871 829 744 636 19.7% 21.4% 20.1% 19.2% 14.8% 11.2% 12.8% 12.6% 11.1% 5.9% 0% 10% 20% 30% 40% 0 50,000 100,000 150,000 200,000 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 NT$ million ATM Revenue EMS Revenue Other Revenue Gross Margin Operating Margin

ATM Statements of Income Quarterly Comparison (Unaudited) 5 (NT$ million) Q1 / 2023 % Q4 / 2022 % Q1 / 2022 % QoQ YoY Net Revenues: Packaging 60,770 82.9% 78,119 82.8% 69,921 83.2% -22% -13% Testing 11,407 15.6% 14,676 15.6% 12,583 15.0% -22% -9% Direct Material 1,106 1.5% 1,486 1.6% 1,479 1.8% -26% -25% Others 36 0.0% 41 0.0% 42 0.0% -12% -14% Total Net Revenues 73,319 100.0% 94,322 100.0% 84,025 100.0% -22% -13% Gross Profit 14,749 20.1% 26,193 27.8% 23,101 27.5% -44% -36% Operating Income (Loss) 6,409 8.7% 15,778 16.7% 14,012 16.7% -59% -54% Additional Commentary From Management 1 : Gross Profit excl. PPA expenses 15,624 21.3% 27,069 28.7% 23,979 28.5% -42% -35% Operating Income excl. PPA expenses 7,534 10.3% 16,904 17.9% 15,140 18.0% -55% -50% 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 $ 1.13bn in 1Q23, 4Q22, and 1Q22 .

ATM Operations (Unaudited) 6 23,101 27,768 28,832 26,193 14,749 84,025 94,998 98,831 94,322 73,319 27.5% 29.2% 29.2% 27.8% 20.1% 0% 10% 20% 30% 40% 50% 0 20,000 40,000 60,000 80,000 100,000 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 NT$ million Gross Profit Gross Margin Revenue

ATM Revenue by Application (Unaudited) 7 52% 52% 53% 53% 50% 16% 16% 16% 16% 17% 32% 32% 31% 31% 33% 0% 20% 40% 60% 80% 100% Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Communication Computing Automotive, Consumer & Others

ATM Revenue by Type (Unaudited) 8 43% 43% 42% 43% 41% 34% 35% 34% 33% 34% 6% 6% 7% 7% 8% 15% 15% 15% 15% 16% 2% 1% 2% 2% 1% 0% 20% 40% 60% 80% 100% Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Material Testing Others Wirebonding Bump/FC/WLP/ SiP

EMS Operations Quarterly Revenue by Application (unaudited) 9 (NT$ million) Q1 / 2023 % Q4 / 2022 % Q1 / 2022 % QoQ YoY EMS Net Revenues 57,733 100.0% 83,933 100.0% 61,166 100.0% -31% -6% Gross Profit 4,567 7.9% 7,803 9.3% 5,380 8.8% -41% -15% Operating Income (Loss) 1,325 2.3% 3,959 4.7% 2,200 3.6% -67% -40% 40% 35% 37% 38% 35% 10% 13% 9% 9% 8% 29% 28% 36% 34% 29% 13% 15% 11% 12% 17% 6% 8% 6% 6% 9% 2% 1% 1% 1% 2% 0% 20% 40% 60% 80% 100% Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Communication Computing Consumer Industrial Automotive Others

Key Balance Sheet Items & Indices (Unaudited) 10 (NT$ million) Mar. 31, 2023 Dec. 31, 2022 Cash and cash equivalent $62,056 $58,040 Financial assets - current 6,317 7,560 Financial assets - non current & investments - equity method 24,352 22,909 Property, plant & equipment 266,005 268,235 Total assets 675,440 707,068 Short-term loans 45,158 46,731 Current portion of bonds payable 7,298 4,999 Current portion of long-term loans 4,701 5,042 Bonds payable 38,837 42,851 Long-term loans & long-term bills payable 86,752 94,948 Total interest bearing debts 190,300 202,279 Total liabilities 385,714 387,143 Total equity (Including non-controlling interest) 289,726 319,925 Quarterly EBITDA 23,765 35,855 Current ratio 1.16 1.35 Net debt to equity ratio 0.42 0.43

Equipment Capital Expenditures vs. EBITDA (Unaudited) 11 443 515 400 339 231 1,100 1,203 1,283 1,141 781 0 200 400 600 800 1,000 1,200 1,400 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 US$ million Capex EBITDA

Second Quarter 2023 Outlook* Based on our current business outlook and exchange rate assumptions, management projects overall performance for the second quarter of 2023 to be as follows:  In NT dollar terms, our ATM 2nd quarter 2023 revenues and gross margin should be similar with the revenues and gross margin of the 1st quarter 2023;  In NT dollar terms, our EMS 2nd quarter 2023 revenues should increase mid - single digit percentage - wise quarter - over - quarter;  Our EMS 2nd quarter 2023 operating margin should improve by 0.5 percentage points versus the 1st quarter 2023 . 12 *: Due to the impact of the COVID - 19 outbreak, our outlook continues to be subject to a higher degree of risk. The information p rovided is done so as a reference of our current view as of the date of this presentation. Our business, financial condition and results of oper ati ons are of greater adverse risk; and, as a result, there may be a higher likelihood of material variances between our expected and actual result s.

Thank you

Appendix 1 Consolidated Statements of Comprehensive Income (Unaudited) 14 (NT$ thousand) Q1/2022 Q2/2022 Q3/2022 Q4/2022 FY/2022 Q1/2023 Revenues 144,390,827 160,439,019 188,625,557 177,417,239 670,872,642 130,891,073 COGS 115,919,599 126,051,460 150,653,584 143,317,989 535,942,632 111,551,750 PPA under COGS 920,316 918,661 916,426 917,737 3,673,140 917,384 Gross profit 28,471,228 34,387,559 37,971,973 34,099,250 134,930,010 19,339,323 Gross profit excl. PPA 29,391,544 35,306,220 38,888,399 35,016,987 138,603,150 20,256,707 OPEX 12,358,395 13,782,006 14,289,270 14,324,758 54,754,429 11,643,749 PPA under OPEX 261,477 261,428 261,109 261,723 1,045,737 261,948 Operating income 16,112,833 20,605,553 23,682,703 19,774,492 80,175,581 7,695,574 Operating income excl. PPA 17,294,626 21,785,642 24,860,238 20,953,952 84,894,458 8,874,906 Non Op gain/(loss) 549,787 529,795 (67,443) 437,990 1,450,129 174,771 PPA under Non Op gain/ (loss) 3,637 20,922 7,038 6,268 37,865 6,270 Non Op gain/ (loss) excl. PPA 553,424 550,717 (60,405) 444,258 1,487,994 181,041 Pretax income 16,662,621 21,135,348 23,615,261 20,212,482 81,625,712 7,870,345 PPA under Pretax income 1,185,430 1,201,011 1,184,573 1,185,728 4,756,742 1,185,602 Pretax income excl. PPA 17,848,051 22,336,359 24,799,834 21,398,210 86,382,454 9,055,947 Tax expenses 3,277,505 4,478,602 5,046,341 3,596,127 16,398,575 1,777,556 PPA under Tax expense (13,081) (16,957) (12,653) (13,164) (55,855) (13,652) Tax expense excl. PPA 3,290,586 4,495,559 5,058,994 3,609,291 16,454,430 1,791,208 Non-controlling interests 477,834 668,595 1,104,295 885,919 3,136,643 275,624 PPA under Non-controlling interests 9,074 10,913 8,619 9,015 37,621 9,332 Non-controlling interests excl. PPA 486,908 679,508 1,112,914 894,934 3,174,264 284,956 Net income attributable to shareholders of the parent 12,907,282 15,988,151 17,464,625 15,730,436 62,090,494 5,817,165 PPA expenses under Net income attributable to shareholders of the parent 1,163,275 1,173,141 1,163,301 1,163,549 4,663,266 1,162,618 Net income attributable to shareholders of the parent excl. PPA 14,070,557 17,161,292 18,627,926 16,893,985 66,753,760 6,979,783 Total PPA expenses 1,172,349 1,184,054 1,171,920 1,172,564 4,700,887 1,171,950 Basic EPS (NT$) 3.01 3.69 4.03 3.77 14.53 1.36 Basic EPS (NT$) excl. PPA 3.28 3.97 4.30 4.05 15.62 1.63 Diluted EPS (NT$) 2.92 3.61 3.92 3.57 13.94 1.30 Diluted EPS (NT$) excl. PPA 3.19 3.88 4.18 3.84 15.02 1.57