A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect our business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.
(Financial tables follow)
| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||
| (dollars in thousands) | |||||
| March 31, | December 31, | ||||
| 2022 | 2021 | ||||
| ASSETS | |||||
| CURRENT ASSETS | |||||
| Cash and cash equivalents | $ | 203,484 | $ | 210,930 | |
| Short-term deposits | 402,873 | 363,648 | |||
| Marketable securities | 184,539 | 190,068 | |||
| Trade accounts receivable | 176,443 | 142,228 | |||
| Inventories | 247,826 | 234,512 | |||
| Other current assets | 41,629 | 54,817 | |||
| Total current assets | 1,256,794 | 1,196,203 | |||
| LONG-TERM INVESTMENTS | 27,235 | 39,597 | |||
| PROPERTY AND EQUIPMENT, NET | 879,781 | 876,683 | |||
| GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 16,665 | 18,820 | |||
| DEFERRED TAX AND OTHER LONG-TERM ASSETS, NET | 89,677 | 99,938 | |||
| TOTAL ASSETS | $ | 2,270,152 | $ | 2,231,241 | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
| CURRENT LIABILITIES | |||||
| Short-term debt | $ | 78,165 | $ | 83,868 | |
| Trade accounts payable | 109,077 | 78,712 | |||
| Deferred revenue and customers' advances | 49,444 | 39,992 | |||
| Other current liabilities | 87,258 | 73,756 | |||
| Total current liabilities | 323,944 | 276,328 | |||
| LONG-TERM DEBT | 190,383 | 230,972 | |||
| LONG-TERM CUSTOMERS' ADVANCES | 63,872 | 69,968 | |||
| EMPLOYEE RELATED LIABILITIES | 14,626 | 14,622 | |||
| DEFERRED TAX AND OTHER LONG-TERM LIABILITIES | 19,670 | 23,962 | |||
| TOTAL LIABILITIES | 612,495 | 615,852 | |||
| TOTAL SHAREHOLDERS' EQUITY | 1,657,657 | 1,615,389 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 2,270,152 | $ | 2,231,241 | |
