===========  =========== 
BASIC EARNINGS PER SHARE                               $ 1.87       $ 4.70 
                                                  ===========  =========== 
Weighted average number of shares                     111,153      110,289 
                                                  ===========  =========== 
DILUTED EARNINGS PER SHARE                             $ 1.85       $ 4.66 
                                                  ===========  =========== 
Weighted average number of shares                     112,343      111,216 
                                                  ===========  =========== 
* Restructuring income, net resulted from the previously 
 disclosed reorganization and restructure of our Japan 
 operations during 2022. 
** Merger-contract termination fee received from Intel 
 during the third quarter of 2023, net of associated 
 cost. 
 
RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO 
 THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO 
 THE COMPANY: 
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY     $ 207,864    $ 518,494 
     Stock based compensation                          33,837       27,931 
     Amortization of acquired intangible assets         1,918        1,923 
     Restructuring income, net ***                    (2,634)     (11,224) 
     Merger-contract termination fee, net ****             --    (289,988) 
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE 
     COMPANY                                        $ 240,985    $ 247,136 
                                                  ===========  =========== 
ADJUSTED EARNINGS PER SHARE: 
    Basic                                              $ 2.17       $ 2.24 
                                                  ===========  =========== 
    Diluted                                            $ 2.15       $ 2.22 
                                                  ===========  =========== 
*** Restructuring income, net resulted from the previously 
 disclosed reorganization and restructure of our Japan 
 operations during 2022, net of tax. 
**** Merger-contract termination fee received from 
 Intel during the third quarter of 2023, net of associated 
 cost and tax. 
 
 
               TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
            CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED) 
                         (dollars in thousands) 
                                          Three months ended 
                              ------------------------------------------ 
                              December 31,  September 30,   December 31, 
                                  2024          2024            2023 
                              ------------  -------------   ------------ 
CASH AND CASH EQUIVALENTS - 
 BEGINNING OF PERIOD             $ 270,979      $ 265,313      $ 314,816 
  Net cash provided by 
   operating activities            100,816        124,743        126,098 
  Investments in property 
   and equipment, net             (93,396)      (127,624)      (136,426) 
  Debt received (repaid), 
   net                               2,795       (16,402)        (8,950) 
  Effect of Japanese Yen 
   exchange rate change over 
   cash balance                    (4,972)          5,537          2,101 
  Proceeds from (investment 
   in) deposits, marketable 
   securities and other 
   assets, net                     (4,328)         19,412       (36,975) 
CASH AND CASH EQUIVALENTS - 
 END OF PERIOD                   $ 271,894      $ 270,979      $ 260,664 
                              ============  =============   ============ 
                                      Year ended 
                              --------------------------- 
                              December 31,   December 31, 
                              ------------  ------------- 
                                      2024           2023 
                              ------------  ------------- 
CASH AND CASH EQUIVALENTS - 
 BEGINNING OF PERIOD             $ 260,664      $ 340,759 
  Net cash provided by 
   operating activities            448,682        676,561  * 
  Investments in property 
   and equipment, net            (431,653)      (432,184) 
  Debt repaid, net                (32,455)       (32,346) 
  Proceeds from investment 
   in subsidiary                        --          1,932 
  Effect of Japanese Yen 
   exchange rate change over 
   cash balance                    (4,758)        (5,395) 
  Proceeds from (investment 
   in) deposits, marketable 
   securities and other 
   assets, net                      31,414      (288,663) 
CASH AND CASH EQUIVALENTS - 
 END OF PERIOD                   $ 271,894      $ 260,664 
                              ============  ============= 
* Merger-contract termination fee received from Intel 
 during 2023, net of associated cost, in the amount 
 of $313,501 
  was included within the net cash provided by operating 
   activities for the year ended December 31, 2023. 
 
 
                TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
      CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) 
                         (dollars in thousands) 
                                                      Year ended 
                                              -------------------------- 
                                              December 31,  December 31, 
                                              ------------  ------------ 
                                                  2024          2023 
                                              ------------  ------------ 
CASH FLOWS - OPERATING ACTIVITIES 
  Net profit for the period                      $ 207,222     $ 519,530 
  Adjustments to reconcile net profit for 
  the period 
    to net cash provided by operating 
    activities: 
     Income and expense items not involving 
     cash flows: 
      Depreciation and amortization *              266,279       258,021 
      Effect of exchange rate differences 
       and fair value adjustment                       133       (1,632) 
      Other expense (income), net                   24,721       (7,047) 
     Changes in assets and liabilities: 
      Trade accounts receivable                   (60,169)       (3,160) 
      Other current assets                        (33,992)       (9,541) 
      Inventories                                    4,778         8,682 
      Trade accounts payable                        35,784       (8,254) 
      Deferred revenue and customers' 
       advances                                   (14,783)      (35,676) 
      Other current liabilities                     22,021      (70,163) 
      Other long-term liabilities                  (3,312)        25,801 
      Net cash provided by operating 
       activities                                  448,682       676,561  ** 
                                              ------------  ------------ 
CASH FLOWS - INVESTING ACTIVITIES 
  Investments in property and equipment, net     (431,653)     (432,184) 
  Proceeds from (investments in) deposits, 
   marketable securities and other assets, 
   net                                              31,414     (288,663) 
      Net cash used in investing activities      (400,239)     (720,847) 
                                              ------------  ------------ 
CASH FLOWS - FINANCING ACTIVITIES 
  Debt repaid, net                                (32,455)      (32,346) 
  Proceeds from investment in subsidiary                --         1,932 
      Net cash used in financing activities       (32,455)      (30,414) 
                                              ------------  ------------ 
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE 
 CHANGE                                            (4,758)       (5,395) 
                                              ------------  ------------ 
 
INCREASE (DECREASE) IN CASH AND CASH 
 EQUIVALENTS                                        11,230      (80,095) 
CASH AND CASH EQUIVALENTS - BEGINNING OF 
 PERIOD                                            260,664       340,759 
CASH AND CASH EQUIVALENTS - END OF PERIOD        $ 271,894     $ 260,664 
                                              ============  ============ 
* Includes amortization of acquired intangible assets 
 and stock based compensation in the amounts of $35,755 
     and $29,854 for the years ended December 31, 2024, 
      and December 31, 2023, respectively. 
** Merger-contract termination fee received from Intel 
 during the third quarter of 2023, net of associated 
 cost, in the amount 
     of $313,501 was included within the net cash provided 
      by operating activities for the year ended December 
      31, 2023. 
 
 

(END) Dow Jones Newswires

February 10, 2025 07:00 ET (12:00 GMT)