| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||||
| UNAUDITED RECONCILIATION OF CERTAIN FINANCIAL DATA | ||||||||||||||
| (dollars and share count in thousands, except per share data) | ||||||||||||||
| Year ended | ||||||||||||||
| December 31, | ||||||||||||||
| 2016 | 2015 | |||||||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT | ||||||||||||||
| GAAP NET PROFIT (LOSS) | $ | 203,924 | $ | (29,647 | ) | |||||||||
| Stock based compensation | 9,406 | 7,540 | ||||||||||||
| Amortization of acquired intangible assets | 9,780 | 8,696 | ||||||||||||
| Financing expense, net associated with Bonds Series F accelerated conversion | -- | 80,815 | ||||||||||||
| Non cash financing expense related to bank loan early repayment | 6,653 | -- | ||||||||||||
| Gain from acquisition, net | (50,471 | ) | -- | |||||||||||
| Other non-recurring items, see (1) below | 2,378 | (991 | ) | |||||||||||
| Income tax benefit, see (2) b elow | (6,472 | ) | (17,542 | ) | ||||||||||
| ADJUSTED NET PROFIT | $ | 175,198 | $ | 48,871 | ||||||||||
| ADJUSTED NET PROFIT PER SHARE: | ||||||||||||||
| Basic | $ | 2.00 | $ | 0.66 | ||||||||||
| Diluted | $ | 1.81 | $ | 0.58 | ||||||||||
| Fully diluted | $ | 1.71 | $ | 0.63 | ||||||||||
| ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA: | ||||||||||||||
| Basic | $ | 175,198 | $ | 48,871 | ||||||||||
| Diluted | $ | 183,434 | $ | 48,871 | ||||||||||
| Fully diluted | $ | 183,434 | $ | 65,136 | ||||||||||
| NUMBER OF SHARES AND OTHER SECURITIES USED TO CALCULATE PER SHARE DATA: | ||||||||||||||
| Basic | 87,480 | 74,366 | ||||||||||||
| Diluted | 101,303 | 84,902 | ||||||||||||
| Fully diluted | 107,121 | 103,477 | ||||||||||||
| EBITDA CALCULATION: | ||||||||||||||
| GAAP OPERATING PROFIT | $ | 175,154 | $ | 81,894 | ||||||||||
| Cost of revenue: | ||||||||||||||
| Depreciation of fixed assets | 169,958 | 151,221 | ||||||||||||
| Stock based compensation | 3,920 | 2,214 | ||||||||||||
| Amortization of acquired intangible assets | 9,029 | 7,944 | ||||||||||||
| Acquisition related non-recurring costs | 3,005 | -- | ||||||||||||
| Research and development: | ||||||||||||||
| Stock based compensation | 2,119 | 1,905 | ||||||||||||
| Marketing, general and administrative: | ||||||||||||||
| Stock based compensation | 3,367 | 3,421 | ||||||||||||
| Amortization of acquired intangible assets | 751 | 752 | ||||||||||||
| Nishiwaki Fab restructuring and impairment cost (income), net | (627 | ) | (991 | ) | ||||||||||
| EBITDA | $ | 366,676 | $ | 248,360 | ||||||||||
| (1 | ) | Year ended December 31, 2016 included mainly acquisition related costs; year ended December 31, 2015 included mainly Nishiwaki Fab restructuring and impairment cost (income), net. | ||||||||||||
| (2 | ) | Year ended December 31, 2016 included $6,472 of income tax benefit in relation to TJP legal entity closure following Nishiwaki Fab cessation of operation announced in 2014; year ended December 31, 2015 included $11,153 income tax benefit resulting from expiration of statute of limitations and $6,389 income tax benefit due to Japanese income tax rate reduction. | ||||||||||||
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