=========== ===========
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)
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