| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||
| (dollars and share count in thousands, except per share data) | ||||||||||||
| Nine months ended | ||||||||||||
| September 30, | ||||||||||||
| 2021 | 2020 | |||||||||||
| REVENUES | $ | 1,096,058 | $ | 920,473 | ||||||||
| COST OF REVENUES | 867,113 | 756,764 | ||||||||||
| GROSS PROFIT | 228,945 | 163,709 | ||||||||||
| OPERATING COSTS AND EXPENSES: | ||||||||||||
| Research and development | 63,015 | 58,407 | ||||||||||
| Marketing, general and administrative | 55,282 | 47,648 | ||||||||||
| 118,297 | 106,055 | |||||||||||
| OPERATING PROFIT | 110,648 | 57,654 | ||||||||||
| FINANCING AND OTHER EXPENSE, NET | (11,040) | (847) | ||||||||||
| PROFIT BEFORE INCOME TAX | 99,608 | 56,807 | ||||||||||
| INCOME TAX BENEFIT (EXPENSE), NET | 2,590 | (3,576) | ||||||||||
| NET PROFIT | 102,198 | 53,231 | ||||||||||
| Net income attributable to non-controlling interest | (3,925) | (1,961) | ||||||||||
| NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ | 98,273 | $ | 51,270 | ||||||||
| BASIC EARNINGS PER SHARE | $ | 0.91 | $ | 0.48 | ||||||||
| Weighted average number of shares | 108,114 | 107,083 | ||||||||||
| DILUTED EARNINGS PER SHARE | $ | 0.90 | $ | 0.47 | ||||||||
| Weighted average number of shares | 109,640 | 108,311 | ||||||||||
| RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT: | ||||||||||||
| GAAP NET PROFIT | $ | 98,273 | $ | 51,270 | ||||||||
| Stock based compensation | 16,328 | 11,798 | ||||||||||
| Amortization of acquired intangible assets | 1,488 | 1,293 | ||||||||||
| ADJUSTED NET PROFIT | $ | 116,089 | $ | 64,361 | ||||||||
| ADJUSTED EARNINGS PER SHARE: | ||||||||||||
| Basic | $ | 1.07 | $ | 0.60 | ||||||||
| Diluted | $ | 1.06 | $ | 0.59 | ||||||||
Tower Semiconductor Reports Record Revenues and Strong Margins Growth
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