Tower Semiconductor Reports Second Quarter 2022 Record Revenue of $426 Million Year over Year Revenue Growth of 18% Total and 30% Organic


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
RECONCILIATION FROM GAAP OPERATING PROFIT TO EBITDA (UNAUDITED) 
(dollars in thousands) 
       Three months ended 
       June 30,  March 31,  June 30, 
       2022  2022  2021 
GAAP OPERATING PROFIT $ 70,674  $ 63,060  $ 34,003 
Depreciation  60,886  64,368  58,474 
Stock based compensation 5,543  5,715  5,971 
Amortization of acquired intangible assets      508  506  492 
EBITDA   $ 137,611  $ 133,649  $ 98,940 
            


TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED) 
(dollars in thousands) 
  Three months ended 
  June 30,  March 31,  June 30, 
  2022  2022  2021 
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD $ 203,484  $ 210,930  $ 215,581 
Net cash provided by operating activities 138,097   136,571   93,250  
Investments in property and equipment, net (49,377)   (80,840)   (56,184)  
Exercise of options --   44   --  
Debt repaid, net (8,211)   (30,539)   (19,769)  
Effect of Japanese Yen exchange rate change over cash balance (7,682)   (3,071)   (68)  
Investments in short-term deposits, marketable securities and other assets, net (65,134)   (29,611)   (17,055)  
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 211,177   $ 203,484   $ 215,755  

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