| 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 | ||||||||||||
| June 30, | March 31, | June 30, | ||||||||||
| 2017 | 2017 | 201 6 | ||||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | ||||||||||||
| GAAP NET PROFIT | $ | 50,017 | $ | 45,509 | $ | 38,486 | ||||||
| Stock based compensation | 2,319 | 2,098 | 2,532 | |||||||||
| Amortization of acquired intangible assets | 2,246 | 2,336 | 2,395 | |||||||||
| Financing cost resulted from banks loans early repayment | -- | -- | 6,653 | |||||||||
| Gain from San Antonio acquisition, net | -- | -- | (10,158 | ) | ||||||||
| ADJUSTED NET PROFIT | $ | 54,582 | $ | 49,943 | $ | 39,908 | ||||||
| ADJUSTED NET PROFIT PER SHARE : | ||||||||||||
| Basic | $ | 0.57 | $ | 0.53 | $ | 0.46 | ||||||
| Diluted | $ | 0.54 | $ | 0.50 | $ | 0.42 | ||||||
| Fully diluted, see (c) below | $ | 0.53 | $ | 0.49 | $ | 0.39 | ||||||
| ADJUSTED NET PROFIT USED TO CALCULATE PER SHARE DATA: | ||||||||||||
| Basic | $ | 54,582 | $ | 49,943 | $ | 39,908 | ||||||
| Diluted | $ | 56,782 | $ | 52,100 | $ | 41,978 | ||||||
| Fully diluted | $ | 56,782 | $ | 52,100 | $ | 41,978 | ||||||
| NUMBER OF SHARES AND OTHER SECURITIES USED TO CALCULATE PER SHARE DATA: | ||||||||||||
| Basic | 96,365 | 93,900 | 86,300 | |||||||||
| Diluted | 105,648 | 104,915 | 100,163 | |||||||||
| Fully diluted, see (c) below | 107,375 | 107,245 | 107,056 | |||||||||
| EBITDA CALCULATION: | ||||||||||||
| GAAP OPERATING PROFIT | $ | 57,391 | $ | 52,763 | $ | 40,178 | ||||||
| Cost of revenue: | ||||||||||||
| Depreciation of fixed assets | 46,360 | 43,819 | 41,910 | |||||||||
| Stock based compensation | 587 | 678 | 1,160 | |||||||||
| Amortization of acquired intangible assets | 2,058 | 2,148 | 2,207 | |||||||||
| Research and development: | ||||||||||||
| Stock based compensation | 576 | 539 | 533 | |||||||||
| Marketing, general and administrative: | ||||||||||||
| Stock based compensation | 1,156 | 881 | 839 | |||||||||
| Amortization of acquired intangible assets | 188 | 188 | 188 | |||||||||
| EBITDA | $ | 108,316 | $ | 101,016 | $ | 87,015 | ||||||
| (c) | Fully diluted share count as of June 30, 2017 presented above includes all issued and outstanding securities; outstanding ordinary share count as of June 30, 2017 is 97,893 thousands. | |||||||||||
TowerJazz Announces Records in Revenues, Margins, EBITDA and Free Cash Flow for the Second Quarter and First Half of 2017
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