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


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
RECONCILIATION FROM GAAP OPERATING PROFIT TO EBITDA (UNAUDITED)
(dollars in thousands)
  T h r e e m o n t h s e n d e d
  March 31,  December 31,  March 31,
  2022  2021  2021
GAAP OPERATING PROFIT $ 63,060  $ 55,863  $ 32,480
Depreciation 64,368  64,692  56,624
Stock based compensation 5,715  8,815  4,906
Amortization of acquired intangible assets 506  506  491
EBITDA $ 133,649  $ 129,876  $ 94,501
      


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
(dollars in thousands)
  T h r e e m o n t h s e n d e d
  March 31,
  December 31,
  March 31,
  2022
  2021
  2021
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD $ 210,930    $ 211,503     $ 211,683  
Net cash provided by operating activities 136,571     133,656     87,413  
Investments in property and equipment, net (80,840 )   (85,947 )   (49,415 )
Exercise of options 44     48     364  
Debt received (repaid), net (30,539 )   1,040     (29,375 )
Effect of Japanese Yen exchange rate change over cash balance (3,071 )   (2,102 )   (3,478 )
Investments in short-term deposits, marketable securities and other assets, net (29,611 )   (47,268 )   (1,611 )
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 203,484     $ 210,930     $ 215,581  
                 

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