Tower Semiconductor Reports First Quarter 2022 Record revenue of $421 Million, a 21 Percent Year over Year Revenue Growth

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
           

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