| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||||||||||||||
| UNAUDITED RECONCILIATION OF CERTAIN FINANCIAL DATA | |||||||||||||||||
| (dollars and share count in thousands, except per share data) | |||||||||||||||||
| T h r e e m o n t h s e n d e d | |||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||
| 2017 | 2016 | 2016 | |||||||||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | |||||||||||||||||
| GAAP NET PROFIT | $ | 45,509 | $ | 48,281 | $ | 65,944 | |||||||||||
| Stock based compensation | 2,098 | 2,381 | 2,156 | ||||||||||||||
| Amortization of acquired intangible assets | 2,336 | 2,777 | 2,241 | ||||||||||||||
| Nishiwaki Fab restructuring and impairment cost (income), net | -- | -- | (627 | ) | |||||||||||||
| Gain from San Antonio acquisition, net | -- | -- | (41,140 | ) | |||||||||||||
| San Antonio acquisition related costs | -- | -- | 3,005 | ||||||||||||||
| ADJUSTED NET PROFIT | $ | 49,943 | $ | 53,439 | $ | 31,579 | |||||||||||
| ADJUSTED NET PROFIT PER SHARE: | |||||||||||||||||
| Basic | $ | 0.53 | $ | 0.59 | $ | 0.37 | |||||||||||
| Diluted | $ | 0.50 | $ | 0.54 | $ | 0.34 | |||||||||||
| Fully diluted, see (1) below | $ | 0.49 | $ | 0.52 | $ | 0.31 | |||||||||||
| ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA: | |||||||||||||||||
| Basic | $ | 49,943 | $ | 53,439 | $ | 31,579 | |||||||||||
| Diluted | $ | 52,100 | $ | 55,555 | $ | 31,579 | |||||||||||
| Fully diluted | $ | 52,100 | $ | 55,555 | $ | 33,637 | |||||||||||
| NUMBER OF SHARES AND OTHER SECURITIES USED TO CALCULATE PER SHARE DATA: | |||||||||||||||||
| Basic | 93,900 | 91,235 | 84,521 | ||||||||||||||
| Diluted | 104,915 | 103,613 | 92,902 | ||||||||||||||
| Fully diluted, see (1) below | 107,245 | 107,121 | 106,865 | ||||||||||||||
| EBITDA CALCULATION: | |||||||||||||||||
| GAAP OPERATING PROFIT | $ | 52,763 | $ | 55,202 | $ | 30,814 | |||||||||||
| Cost of revenue: | |||||||||||||||||
| Depreciation of fixed assets | 43,819 | 44,874 | 40,064 | ||||||||||||||
| Stock based compensation | 678 | 835 | 989 | ||||||||||||||
| Amortization of acquired intangible assets | 2,148 | 2,589 | 2,053 | ||||||||||||||
| San Antonio acquisition related costs | -- | -- | 3,005 | ||||||||||||||
| Research and development: | |||||||||||||||||
| Stock based compensation | 539 | 557 | 528 | ||||||||||||||
| Marketing, general and administrative: | |||||||||||||||||
| Stock based compensation | 881 | 989 | 639 | ||||||||||||||
| Amortization of acquired intangible assets | 188 | 188 | 188 | ||||||||||||||
| Nishiwaki Fab restructuring and impairment cost (income), net | -- | -- | (627 | ) | |||||||||||||
| EBITDA | $ | 101,016 | $ | 105,234 | $ | 77,653 | |||||||||||
| (1 | ) | Fully diluted share count as of March 31, 2017 included all issued and outstanding securities; outstanding ordinary share count as of March 31, 2017 was 95,605. | |||||||||||||||
TowerJazz Reports First Quarter 2017 Results: Record Free Cash Flow Resulting from Strong Year over Year Growth in Revenue and Margins
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